Question:
Mr. John buys 28 articles for $1 and sells 27 articles for $1 then, find his profit percent.
Correct Answer
3.7%
Solution And Explanation
Solution
Given,
The Cost Price (CP) for 28 articles = $1
The Sale Price (SP) for 27 articles = $1
Thus, Profit percent = ?
Unitary Method to find the profit when Cost Price and Sale Price are given
∵ The Cost Price (CP) for 28 articles = $1
Therefore, the Cost Price (CP) for 1 lemon = 1/28
∵ The Sale Price (SP) for 27 articles = $1
Therefore, the Sale Price (SP) for 1 lemon = 1/27
Calculation of profit
Profit = Sale Price (SP) – Cost Price (CP)
= 1/27 – 1/28
= 28 – 27/756
⇒ Profit = 1/756
Calculation of Profit Percent using Unitary Method
∵ When the Cost Price (CP) is 1/28, the the profit = 1/756
∴ When the Cost Price (CP) is 1, then the profit
= 1/756/1/28
= 1/756 × 28/1
∴ When the Cost Price (CP) is 100, then the profit
= 1/756 × 28/1 × 100
= 1 × 28 × 100/756 × 1
= 2800/756 = 3.7
Thus, Profit = 3.7% 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 28 articles = $1
And, the Sale Price (SP) of 27 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 28 and 27 = 756
Now, Let total number of articles purchased = 756
Here, since the Cost Price of 28 articles = $1
∴ the Cost Price of 1 articles = 1/28
Therefore, the Cost Price of 756 articles
= 1/28 × 756⇒ The Cost Price (CP) of 756 articles = $27And, since the Sale Price of 27 articles = $1
∴ The Sale Price (SP) of 1 article = 1/27
Therefore, the Sale Price of 756 articles
= 1/27 × 756 = $28
⇒ The Sale Price (SP) of 756 articles = $28
Now, the Cost Price (CP) of 756 articles = $27
And, the Sale Price (SP) of 756 articles = $28
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)
= 28 – 27 = 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 × 100/27
= 100/27 = 3.7
Thus, profit = 3.7% Answer
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