Question:
If Mr. Jobby buys 18 kiwis for $1 and sells them at a rate of 17 per $1 then what would be the profit percent?.
Correct Answer
5.88%
Solution And Explanation
Solution
Given,
The Cost Price (CP) for 18 articles = $1
The Sale Price (SP) for 17 articles = $1
Thus, Profit percent = ?
Unitary Method to find the profit when Cost Price and Sale Price are given
∵ The Cost Price (CP) for 18 articles = $1
Therefore, the Cost Price (CP) for 1 lemon = 1/18
∵ The Sale Price (SP) for 17 articles = $1
Therefore, the Sale Price (SP) for 1 lemon = 1/17
Calculation of profit
Profit = Sale Price (SP) – Cost Price (CP)
= 1/17 – 1/18
= 18 – 17/306
⇒ Profit = 1/306
Calculation of Profit Percent using Unitary Method
∵ When the Cost Price (CP) is 1/18, the the profit = 1/306
∴ When the Cost Price (CP) is 1, then the profit
= 1/306/1/18
= 1/306 × 18/1
∴ When the Cost Price (CP) is 100, then the profit
= 1/306 × 18/1 × 100
= 1 × 18 × 100/306 × 1
= 1800/306 = 5.88
Thus, Profit = 5.88% Answer
Method (2) to find the profit%
Finding the profit percent by taking LCM of the number of articles purchased and sold for the same price
Given, the Cost Price (CP) of 18 articles = $1
And, the Sale Price (SP) of 17 articles = $1
Here, we need to take the LCM of number of articles purchased and sold to make them uniform.
Calculation of the Cost Price (CP) and the Sale Price
The LCM of 18 and 17 = 306
Now, Let total number of articles purchased = 306
Here, since the Cost Price of 18 articles = $1
∴ the Cost Price of 1 articles = 1/18
Therefore, the Cost Price of 306 articles
= 1/18 × 306⇒ The Cost Price (CP) of 306 articles = $17And, since the Sale Price of 17 articles = $1
∴ The Sale Price (SP) of 1 article = 1/17
Therefore, the Sale Price of 306 articles
= 1/17 × 306 = $18
⇒ The Sale Price (SP) of 306 articles = $18
Now, the Cost Price (CP) of 306 articles = $17
And, the Sale Price (SP) of 306 articles = $18
Calculation of the Profit, when the Cost Price (CP) and the Sale Price (SP) are given
Formula to find the profit when the Cost Price (CP) and the Sale Price (SP) are given
Profit = Sale Price (SP) – Cost Price (CP)
= 18 – 17 = 1
⇒ Profit = $1
Calculation of Profit percent using the formula
Formula to calculate the profit percent
Profit percent = Profit × 100/Cost Price
Thus, profit % = 1 × 100/17
= 100/17 = 5.88
Thus, profit = 5.88% Answer
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