Question:
If a seller bought 24 apples per $1 and sold them at a rate of 23 apples per $1, then what would his profit percent be?
Correct Answer
4.35%
Solution And Explanation
Solution
Given,
The Cost Price (CP) for 24 articles = $1
The Sale Price (SP) for 23 articles = $1
Thus, Profit percent = ?
Unitary Method to find the profit when Cost Price and Sale Price are given
∵ The Cost Price (CP) for 24 articles = $1
Therefore, the Cost Price (CP) for 1 lemon = 1/24
∵ The Sale Price (SP) for 23 articles = $1
Therefore, the Sale Price (SP) for 1 lemon = 1/23
Calculation of profit
Profit = Sale Price (SP) – Cost Price (CP)
= 1/23 – 1/24
= 24 – 23/552
⇒ Profit = 1/552
Calculation of Profit Percent using Unitary Method
∵ When the Cost Price (CP) is 1/24, the the profit = 1/552
∴ When the Cost Price (CP) is 1, then the profit
= 1/552/1/24
= 1/552 × 24/1
∴ When the Cost Price (CP) is 100, then the profit
= 1/552 × 24/1 × 100
= 1 × 24 × 100/552 × 1
= 2400/552 = 4.35
Thus, Profit = 4.35% 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 24 articles = $1
And, the Sale Price (SP) of 23 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 24 and 23 = 552
Now, Let total number of articles purchased = 552
Here, since the Cost Price of 24 articles = $1
∴ the Cost Price of 1 articles = 1/24
Therefore, the Cost Price of 552 articles
= 1/24 × 552⇒ The Cost Price (CP) of 552 articles = $23And, since the Sale Price of 23 articles = $1
∴ The Sale Price (SP) of 1 article = 1/23
Therefore, the Sale Price of 552 articles
= 1/23 × 552 = $24
⇒ The Sale Price (SP) of 552 articles = $24
Now, the Cost Price (CP) of 552 articles = $23
And, the Sale Price (SP) of 552 articles = $24
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)
= 24 – 23 = 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 × 100/23
= 100/23 = 4.35
Thus, profit = 4.35% Answer
Similar Questions
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(2) After selling an article for $282.10, a shopkeeper gets a loss of 9%. Thus, to earn a profit of 8% he should sell it at which price?
(3) A trader earns a profit of 205% by selling some articles for $12230.50. What was the cost price?
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(5) A trader loses 55% by selling an article for $1174.50. For how much should he sell it to get a profit of 54%?
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(8) A peddler purchased 25 apples per $1 and sold them at a rate of 24 apples per $1. What will be the profit percent?
(9) A shopkeeper loses 31% by selling an article for $972.90. For how much should he sell it to get a profit of 30%?
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