Question:
Calculate the earnings percentage if a vendor buys 57 articles for $1 and sells 56 articles for $1.
Correct Answer
1.79%
Solution And Explanation
Solution
Given,
The Cost Price (CP) for 57 articles = $1
The Sale Price (SP) for 56 articles = $1
Thus, Profit percent = ?
Unitary Method to find the profit when Cost Price and Sale Price are given
∵ The Cost Price (CP) for 57 articles = $1
Therefore, the Cost Price (CP) for 1 lemon = 1/57
∵ The Sale Price (SP) for 56 articles = $1
Therefore, the Sale Price (SP) for 1 lemon = 1/56
Calculation of profit
Profit = Sale Price (SP) – Cost Price (CP)
= 1/56 – 1/57
= 57 – 56/3192
⇒ Profit = 1/3192
Calculation of Profit Percent using Unitary Method
∵ When the Cost Price (CP) is 1/57, the the profit = 1/3192
∴ When the Cost Price (CP) is 1, then the profit
= 1/3192/1/57
= 1/3192 × 57/1
∴ When the Cost Price (CP) is 100, then the profit
= 1/3192 × 57/1 × 100
= 1 × 57 × 100/3192 × 1
= 5700/3192 = 1.79
Thus, Profit = 1.79% 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 57 articles = $1
And, the Sale Price (SP) of 56 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 57 and 56 = 3192
Now, Let total number of articles purchased = 3192
Here, since the Cost Price of 57 articles = $1
∴ the Cost Price of 1 articles = 1/57
Therefore, the Cost Price of 3192 articles
= 1/57 × 3192⇒ The Cost Price (CP) of 3192 articles = $56And, since the Sale Price of 56 articles = $1
∴ The Sale Price (SP) of 1 article = 1/56
Therefore, the Sale Price of 3192 articles
= 1/56 × 3192 = $57
⇒ The Sale Price (SP) of 3192 articles = $57
Now, the Cost Price (CP) of 3192 articles = $56
And, the Sale Price (SP) of 3192 articles = $57
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)
= 57 – 56 = 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 × 100/56
= 100/56 = 1.79
Thus, profit = 1.79% Answer
Similar Questions
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(2) In an exhibition, a trader earns a profit of 75%. His total sale was $2467.50. Find the cost price.
(3) A shopkeeper loses 40% by selling an article for $1116.00. For how much should he sell it to get a profit of 39%?
(4) Mrs. Julie purchased 26 oranges for $1 and sold 25 oranges for $1. What will be his profit percentage??
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(6) Mr. Steven loses 96% by selling an article for $186.40. For how much should he sell it to get a profit of 95%?
(7) Find the cost price, if a share broker gets a loss of 28% by selling 300 shares for $3895.20.
(8) If a trader gets a loss of 25% by selling some shares for $3607.50, then find the cost price of those shares.
(9) If a vendor bought 62 candies for $1 and sold 61 candies per $1 then find the profit percent.
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