Question:
Find the earnings percentage if a hawker buys 50 articles for $1 and sells 49 articles for $1.
Correct Answer
2.04%
Solution And Explanation
Solution
Given,
The Cost Price (CP) for 50 articles = $1
The Sale Price (SP) for 49 articles = $1
Thus, Profit percent = ?
Unitary Method to find the profit when Cost Price and Sale Price are given
∵ The Cost Price (CP) for 50 articles = $1
Therefore, the Cost Price (CP) for 1 lemon = 1/50
∵ The Sale Price (SP) for 49 articles = $1
Therefore, the Sale Price (SP) for 1 lemon = 1/49
Calculation of profit
Profit = Sale Price (SP) – Cost Price (CP)
= 1/49 – 1/50
= 50 – 49/2450
⇒ Profit = 1/2450
Calculation of Profit Percent using Unitary Method
∵ When the Cost Price (CP) is 1/50, the the profit = 1/2450
∴ When the Cost Price (CP) is 1, then the profit
= 1/2450/1/50
= 1/2450 × 50/1
∴ When the Cost Price (CP) is 100, then the profit
= 1/2450 × 50/1 × 100
= 1 × 50 × 100/2450 × 1
= 5000/2450 = 2.04
Thus, Profit = 2.04% 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 50 articles = $1
And, the Sale Price (SP) of 49 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 50 and 49 = 2450
Now, Let total number of articles purchased = 2450
Here, since the Cost Price of 50 articles = $1
∴ the Cost Price of 1 articles = 1/50
Therefore, the Cost Price of 2450 articles
= 1/50 × 2450⇒ The Cost Price (CP) of 2450 articles = $49And, since the Sale Price of 49 articles = $1
∴ The Sale Price (SP) of 1 article = 1/49
Therefore, the Sale Price of 2450 articles
= 1/49 × 2450 = $50
⇒ The Sale Price (SP) of 2450 articles = $50
Now, the Cost Price (CP) of 2450 articles = $49
And, the Sale Price (SP) of 2450 articles = $50
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)
= 50 – 49 = 0.99999999999999
⇒ Profit = $0.99999999999999
Calculation of Profit percent using the formula
Formula to calculate the profit percent
Profit percent = Profit × 100/Cost Price
Thus, profit % = 0.99999999999999 × 100/49
= 99.999999999999/49 = 2.04
Thus, profit = 2.04% Answer
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