Question:
Calculate the earnings percentage if a vendor buys 55 articles for $1 and sells 54 articles for $1.
Correct Answer
1.85%
Solution And Explanation
Solution
Given,
The Cost Price (CP) for 55 articles = $1
The Sale Price (SP) for 54 articles = $1
Thus, Profit percent = ?
Unitary Method to find the profit when Cost Price and Sale Price are given
∵ The Cost Price (CP) for 55 articles = $1
Therefore, the Cost Price (CP) for 1 lemon = 1/55
∵ The Sale Price (SP) for 54 articles = $1
Therefore, the Sale Price (SP) for 1 lemon = 1/54
Calculation of profit
Profit = Sale Price (SP) – Cost Price (CP)
= 1/54 – 1/55
= 55 – 54/2970
⇒ Profit = 1/2970
Calculation of Profit Percent using Unitary Method
∵ When the Cost Price (CP) is 1/55, the the profit = 1/2970
∴ When the Cost Price (CP) is 1, then the profit
= 1/2970/1/55
= 1/2970 × 55/1
∴ When the Cost Price (CP) is 100, then the profit
= 1/2970 × 55/1 × 100
= 1 × 55 × 100/2970 × 1
= 5500/2970 = 1.85
Thus, Profit = 1.85% 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 55 articles = $1
And, the Sale Price (SP) of 54 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 55 and 54 = 2970
Now, Let total number of articles purchased = 2970
Here, since the Cost Price of 55 articles = $1
∴ the Cost Price of 1 articles = 1/55
Therefore, the Cost Price of 2970 articles
= 1/55 × 2970⇒ The Cost Price (CP) of 2970 articles = $54And, since the Sale Price of 54 articles = $1
∴ The Sale Price (SP) of 1 article = 1/54
Therefore, the Sale Price of 2970 articles
= 1/54 × 2970 = $55
⇒ The Sale Price (SP) of 2970 articles = $55
Now, the Cost Price (CP) of 2970 articles = $54
And, the Sale Price (SP) of 2970 articles = $55
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)
= 55 – 54 = 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 × 100/54
= 100/54 = 1.85
Thus, profit = 1.85% Answer
Similar Questions
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(2) The cost price of an article is $12, and the sale price is $15. Find the profit and profit percent.
(3) If a trader gets a loss of 66% by selling ten TV sets for $4423.40 then find the cost price of all those TV sets
(4) What will be thr profit in percent if a vendor purchased 76 pins for $1 and sold 75 pins for $1?
(5) A trader earns a profit of 100% by selling an article for $3820.00. Find the cost price.
(6) A shopkeeper earns a profit of 125% after selling some items for $5422.50. Find the cost price of those items.
(7) A shopkeeper loses 40% by selling an article for $1116.00. For how much should he sell it to get a profit of 39%?
(8) For how much Mr. Peter should sell his books to get a profit of 11%? If he loses 12% by selling them for $404.80.
(9) By selling some items for $12741.00 a trader earns a profit of 210%. Find the cost price.
(10) If a dealer earns a profit of 255% by selling some articles for $17785.50, then find the cost price.