Question:
If a vendor bought 21 apples per $1 and sold them at a rate of 20 apples per $1, then what would his profit percent be?
Correct Answer
5%
Solution And Explanation
Solution
Given,
The Cost Price (CP) for 21 articles = $1
The Sale Price (SP) for 20 articles = $1
Thus, Profit percent = ?
Unitary Method to find the profit when Cost Price and Sale Price are given
∵ The Cost Price (CP) for 21 articles = $1
Therefore, the Cost Price (CP) for 1 lemon = 1/21
∵ The Sale Price (SP) for 20 articles = $1
Therefore, the Sale Price (SP) for 1 lemon = 1/20
Calculation of profit
Profit = Sale Price (SP) – Cost Price (CP)
= 1/20 – 1/21
= 21 – 20/420
⇒ Profit = 1/420
Calculation of Profit Percent using Unitary Method
∵ When the Cost Price (CP) is 1/21, the the profit = 1/420
∴ When the Cost Price (CP) is 1, then the profit
= 1/420/1/21
= 1/420 × 21/1
∴ When the Cost Price (CP) is 100, then the profit
= 1/420 × 21/1 × 100
= 1 × 21 × 100/420 × 1
= 2100/420 = 5
Thus, Profit = 5% 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 21 articles = $1
And, the Sale Price (SP) of 20 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 21 and 20 = 420
Now, Let total number of articles purchased = 420
Here, since the Cost Price of 21 articles = $1
∴ the Cost Price of 1 articles = 1/21
Therefore, the Cost Price of 420 articles
= 1/21 × 420⇒ The Cost Price (CP) of 420 articles = $20And, since the Sale Price of 20 articles = $1
∴ The Sale Price (SP) of 1 article = 1/20
Therefore, the Sale Price of 420 articles
= 1/20 × 420 = $21
⇒ The Sale Price (SP) of 420 articles = $21
Now, the Cost Price (CP) of 420 articles = $20
And, the Sale Price (SP) of 420 articles = $21
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)
= 21 – 20 = 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 × 100/20
= 100/20 = 5
Thus, profit = 5% Answer
Similar Questions
(1) If a hawker bought 23 apples per $1 and sold them at a rate of 22 apples per $1, then what would his profit percent be?
(2) Find the profit percent if Mrs. Julie buys 29 bananas for $1 and sells 28 bananas for $1.
(3) A dealer earns a profit of 285% by selling some items for $21598.50. What was his cost price?
(4) By selling an article for $15443.50, Mrs. Linda earns a profit of 235%. What was the cost price?
(5) Mrs. Mary loses 19% by selling an article for $656.10. For how much should she sell it to get a profit of 18%?
(6) If Mr. Peter buys 17 apples for $1 and sells 16 apples for $1 then, find the profit percent in this sale.
(7) How much percent will Peter earn if he buys 37 articles for $1 and sells 36 articles for $1?
(8) By selling some items for $12741.00 a trader earns a profit of 210%. Find the cost price.
(9) The cost price of an article is $15 and the sale price is $20, then find the profit and profit percent.
(10) If a book seller gets a loss of 33% by selling 300 books for $4294.70 then find the cost price of the books.