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
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(2) A dealer loses 23% by selling an article for $777.7. For how much should he sell it to get a profit of 22%?
(3) A trader loses 55% by selling an article for $1174.50. For how much should he sell it to get a profit of 54%?
(4) If a trader gets a loss of 55% by selling 15 bags of fruits for $4864.50 then find the cost price of fruits.
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(7) If a peddler buys 46 articles for $1 and sells 45 articles for $1 then, find the earnings in percentage.
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