Profit And Loss
MCQs Math


Question:     A peddler purchased 25 apples per $1 and sold them at a rate of 24 apples per $1. What will be the profit percent?


Correct Answer  4.17%

Solution And Explanation

Solution

Given,

The Cost Price (CP) for 25 articles = $1

The Sale Price (SP) for 24 articles = $1

Thus, Profit percent = ?

Unitary Method to find the profit when Cost Price and Sale Price are given

∵ The Cost Price (CP) for 25 articles = $1

Therefore, the Cost Price (CP) for 1 lemon = 1/25

∵ The Sale Price (SP) for 24 articles = $1

Therefore, the Sale Price (SP) for 1 lemon = 1/24

Calculation of profit

Profit = Sale Price (SP) – Cost Price (CP)

= 1/241/25

= 25 – 24/600

⇒ Profit = 1/600

Calculation of Profit Percent using Unitary Method

∵ When the Cost Price (CP) is 1/25, the the profit = 1/600

∴ When the Cost Price (CP) is 1, then the profit

= 1/600/1/25

= 1/600 × 25/1

∴ When the Cost Price (CP) is 100, then the profit

= 1/600 × 25/1 × 100

= 1 × 25 × 100/600 × 1

= 2500/600 = 4.17

Thus, Profit = 4.17% 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 25 articles = $1

And, the Sale Price (SP) of 24 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 25 and 24 = 600

Now, Let total number of articles purchased = 600

Here, since the Cost Price of 25 articles = $1

∴ the Cost Price of 1 articles = 1/25

Therefore, the Cost Price of 600 articles

= 1/25 × 600

⇒ The Cost Price (CP) of 600 articles = $24

And, since the Sale Price of 24 articles = $1

∴ The Sale Price (SP) of 1 article = 1/24

Therefore, the Sale Price of 600 articles

= 1/24 × 600 = $25

⇒ The Sale Price (SP) of 600 articles = $25

Now, the Cost Price (CP) of 600 articles = $24

And, the Sale Price (SP) of 600 articles = $25

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)

= 25 – 24 = 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 × 100/24

= 100/24 = 4.17

Thus, profit = 4.17% Answer


Similar Questions

(1) Mrs. Rosy loses 25% by selling her stock shares for $832.50. For how much should she sell them to get a profit of 24%?

(2) Calculate the earnings percentage if a vendor buys 54 articles for $1 and sells 53 articles for $1.

(3) Find the cost price, if a house broker earns a profit of 365% by selling a plot for $33526.5

(4) Find the earnings percentage if a hawker buys 50 articles for $1 and sells 49 articles for $1.

(5) Mr. Steven loses 93% by selling an article for $315.70. For how much should he sell it to get a profit of 92%?

(6) John sold rice at $7.20 per kg. If he purchased 120 kg of rice for $960, then calculate the loss and loss percent in this sale.

(7) Find the cost price, if a broker earns a profit of 385% by selling an article for $36908.5

(8) If Robert purchased a TV set in an auction at $250 and sold it at $300, then calculate the profit earned and profit percent in this sale.

(9) What was the cost price, if a trader gets a loss of 17% by selling an article for $2664.30?

(10) Find the cost price, if a dealer earns a profit of 305% by selling a plot for $24340.50


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