Profit And Loss
MCQs Math


Question:     If a hawker bought 63 candies for $1 and sold them at a rate of 62 candies per $1 then, find the profit percent.


Correct Answer  1.61%

Solution And Explanation

Solution

Given,

The Cost Price (CP) for 63 articles = $1

The Sale Price (SP) for 62 articles = $1

Thus, Profit percent = ?

Unitary Method to find the profit when Cost Price and Sale Price are given

∵ The Cost Price (CP) for 63 articles = $1

Therefore, the Cost Price (CP) for 1 lemon = 1/63

∵ The Sale Price (SP) for 62 articles = $1

Therefore, the Sale Price (SP) for 1 lemon = 1/62

Calculation of profit

Profit = Sale Price (SP) – Cost Price (CP)

= 1/621/63

= 63 – 62/3906

⇒ Profit = 1/3906

Calculation of Profit Percent using Unitary Method

∵ When the Cost Price (CP) is 1/63, the the profit = 1/3906

∴ When the Cost Price (CP) is 1, then the profit

= 1/3906/1/63

= 1/3906 × 63/1

∴ When the Cost Price (CP) is 100, then the profit

= 1/3906 × 63/1 × 100

= 1 × 63 × 100/3906 × 1

= 6300/3906 = 1.61

Thus, Profit = 1.61% 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 63 articles = $1

And, the Sale Price (SP) of 62 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 63 and 62 = 3906

Now, Let total number of articles purchased = 3906

Here, since the Cost Price of 63 articles = $1

∴ the Cost Price of 1 articles = 1/63

Therefore, the Cost Price of 3906 articles

= 1/63 × 3906

⇒ The Cost Price (CP) of 3906 articles = $62

And, since the Sale Price of 62 articles = $1

∴ The Sale Price (SP) of 1 article = 1/62

Therefore, the Sale Price of 3906 articles

= 1/62 × 3906 = $63

⇒ The Sale Price (SP) of 3906 articles = $63

Now, the Cost Price (CP) of 3906 articles = $62

And, the Sale Price (SP) of 3906 articles = $63

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)

= 63 – 62 = 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 × 100/62

= 100/62 = 1.61

Thus, profit = 1.61% Answer


Similar Questions

(1) Mr. Robert sold his motorcycle for $1629 and got a loss of 10%. What was his cost price?

(2) A hawker buys 19 articles for $1 and sold then at the rate of 18 articles per $1. What was this profit percent?

(3) By selling some items for $12741.00 a trader earns a profit of 210%. Find the cost price.

(4) Find the cost price, if Mr. Oliver earns a profit of 150% by selling an article for $7275.00

(5) Find the cost price, if a trader gets a loss of 57% by selling a TV set for $4820.30

(6) If a hawker bought 63 candies for $1 and sold them at a rate of 62 candies per $1 then, find the profit percent.

(7) Find the cost price, if a dealer gets a loss of 30% by selling 300 stocks for $4067

(8) A shopkeeper loses 31% by selling an article for $972.90. For how much should he sell it to get a profit of 30%?

(9) A shopkeeper earns a profit of 175% by selling some antique articles for $9377.50. What was the cost price of those antique articles?

(10) By selling some items for $1788.90 a vendor gets a loss of 11%. Find the cost price of those items.


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