Question:
Calculate the earnings percentage if a hawker buys 58 articles for $1 and sells 57 articles for $1.
Correct Answer
1.75%
Solution And Explanation
Solution
Given,
The Cost Price (CP) for 58 articles = $1
The Sale Price (SP) for 57 articles = $1
Thus, Profit percent = ?
Unitary Method to find the profit when Cost Price and Sale Price are given
∵ The Cost Price (CP) for 58 articles = $1
Therefore, the Cost Price (CP) for 1 lemon = 1/58
∵ The Sale Price (SP) for 57 articles = $1
Therefore, the Sale Price (SP) for 1 lemon = 1/57
Calculation of profit
Profit = Sale Price (SP) – Cost Price (CP)
= 1/57 – 1/58
= 58 – 57/3306
⇒ Profit = 1/3306
Calculation of Profit Percent using Unitary Method
∵ When the Cost Price (CP) is 1/58, the the profit = 1/3306
∴ When the Cost Price (CP) is 1, then the profit
= 1/3306/1/58
= 1/3306 × 58/1
∴ When the Cost Price (CP) is 100, then the profit
= 1/3306 × 58/1 × 100
= 1 × 58 × 100/3306 × 1
= 5800/3306 = 1.75
Thus, Profit = 1.75% 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 58 articles = $1
And, the Sale Price (SP) of 57 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 58 and 57 = 3306
Now, Let total number of articles purchased = 3306
Here, since the Cost Price of 58 articles = $1
∴ the Cost Price of 1 articles = 1/58
Therefore, the Cost Price of 3306 articles
= 1/58 × 3306⇒ The Cost Price (CP) of 3306 articles = $57And, since the Sale Price of 57 articles = $1
∴ The Sale Price (SP) of 1 article = 1/57
Therefore, the Sale Price of 3306 articles
= 1/57 × 3306 = $58
⇒ The Sale Price (SP) of 3306 articles = $58
Now, the Cost Price (CP) of 3306 articles = $57
And, the Sale Price (SP) of 3306 articles = $58
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)
= 58 – 57 = 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 × 100/57
= 100/57 = 1.75
Thus, profit = 1.75% Answer
Similar Questions
(1) William loses 75% by selling an article for $902.50. For how much should he sell it to get a profit of 74%?
(2) If a trader gets a loss of 71% by selling 150 bags of corn flakes for $4062.90 then find the cost price of the corn flakes.
(3) A shopkeeper loses 27% by selling some articles for $883.30. For how much should he sell them to get a profit of 26%?
(4) Find the earnings in percent if a vendor buys 43 articles for $1 and sells 42 articles for $1.
(5) After selling some articles for $22269.00 a trader earns a profit of 290%. Find the cost price.
(6) Peter loses 32% by selling an article for $992.80. For how much should he sell it to get a profit of 31%?
(7) What was the cost price, if a trader gets a loss of 18% by selling some articles for $2796.20?
(8) A peddler purchased 25 apples per $1 and sold them at a rate of 24 apples per $1. What will be the profit percent?
(9) Find the profit percent if Mrs. Julie buys 29 bananas for $1 and sells 28 bananas for $1.
(10) A shopkeeper gets a loss of 5% by selling some fruits for $769.50. Find the cost price of the furits.