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
Similar Questions
(1) If a vendor buys 7 lemons for $1 and sells 6 lemons for $1 then, what is the profit percent in this sale?
(2) Find the cost price, if a trader gets a loss of 36% by selling 500 packets of fruits for $4486.40
(3) Find the cost price, if a trader gets a loss of 49% by selling 1500 kg rice for $4901.10
(4) If a broker loses 39% by selling some of his stocks for $1104.10 then he should sell them for how much to get a profit of 38%?
(5) Find the earnings percentage if a vendor buys 49 articles for $1 and sells 48 articles for $1.
(6) What was the cost price, if a trader gets a loss of 18% by selling some articles for $2796.20?
(7) If a trader earns a profit of 45% by selling an article for $1174.5, then find the cost price.
(8) A broker loses 41% by selling an article for $1126.90. For how much should he sell it to get a profit of 40%?
(9) Mr. Peter buys 48 articles for $1 and sells 47 articles for $1. Find the profit percent.
(10) Find the earnings percentage if a hawker buys 50 articles for $1 and sells 49 articles for $1.