Question:
If a vendor buys 60 articles for $1 and sells 59 articles for $1 then, calculate the profit in percent.
Correct Answer
1.69%
Solution And Explanation
Solution
Given,
The Cost Price (CP) for 60 articles = $1
The Sale Price (SP) for 59 articles = $1
Thus, Profit percent = ?
Unitary Method to find the profit when Cost Price and Sale Price are given
∵ The Cost Price (CP) for 60 articles = $1
Therefore, the Cost Price (CP) for 1 lemon = 1/60
∵ The Sale Price (SP) for 59 articles = $1
Therefore, the Sale Price (SP) for 1 lemon = 1/59
Calculation of profit
Profit = Sale Price (SP) – Cost Price (CP)
= 1/59 – 1/60
= 60 – 59/3540
⇒ Profit = 1/3540
Calculation of Profit Percent using Unitary Method
∵ When the Cost Price (CP) is 1/60, the the profit = 1/3540
∴ When the Cost Price (CP) is 1, then the profit
= 1/3540/1/60
= 1/3540 × 60/1
∴ When the Cost Price (CP) is 100, then the profit
= 1/3540 × 60/1 × 100
= 1 × 60 × 100/3540 × 1
= 6000/3540 = 1.69
Thus, Profit = 1.69% 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 60 articles = $1
And, the Sale Price (SP) of 59 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 60 and 59 = 3540
Now, Let total number of articles purchased = 3540
Here, since the Cost Price of 60 articles = $1
∴ the Cost Price of 1 articles = 1/60
Therefore, the Cost Price of 3540 articles
= 1/60 × 3540⇒ The Cost Price (CP) of 3540 articles = $59And, since the Sale Price of 59 articles = $1
∴ The Sale Price (SP) of 1 article = 1/59
Therefore, the Sale Price of 3540 articles
= 1/59 × 3540 = $60
⇒ The Sale Price (SP) of 3540 articles = $60
Now, the Cost Price (CP) of 3540 articles = $59
And, the Sale Price (SP) of 3540 articles = $60
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)
= 60 – 59 = 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 × 100/59
= 100/59 = 1.69
Thus, profit = 1.69% Answer
Similar Questions
(1) Find the cost price, if a trader gets a loss of 36% by selling 500 packets of fruits for $4486.40
(2) After selling an article for $282.10, a shopkeeper gets a loss of 9%. Thus, to earn a profit of 8% he should sell it at which price?
(3) How much percent will Peter earn if he buys 37 articles for $1 and sells 36 articles for $1?
(4) Peter loses 3% by selling an article for $9.70. For how much should he sell it to get a profit of 2%?
(5) After selling some items for $6884.50 Mr. Bob earns 145%. Find the cost price of those items.
(6) Mr. Jack gets a profit of 195% by selling some articles for $11239.50. What was his cost price?
(7) Bill sold a bicycle for $640. If he purchased it at $800, then calculate his loss and loss percent in this sale.
(8) Calculate the profit in percent if Mr. John buys 67 articles for $1 and sells 66 articles for $1.
(9) Bill sold a bicycle for $840. If he purchased it at $600, then calculate his profit and profit percent in this sale.
(10) Mr. Joseph loses 5% by selling an article for $104.50. For how much should he sell it to get a profit of 4%?