Question:
If a peddler bought 71 paper clips for $1 and sold 70 paper clips for $1 then, find the profit in percent.
Correct Answer
1.43%
Solution And Explanation
Solution
Given,
The Cost Price (CP) for 71 articles = $1
The Sale Price (SP) for 70 articles = $1
Thus, Profit percent = ?
Unitary Method to find the profit when Cost Price and Sale Price are given
∵ The Cost Price (CP) for 71 articles = $1
Therefore, the Cost Price (CP) for 1 lemon = 1/71
∵ The Sale Price (SP) for 70 articles = $1
Therefore, the Sale Price (SP) for 1 lemon = 1/70
Calculation of profit
Profit = Sale Price (SP) – Cost Price (CP)
= 1/70 – 1/71
= 71 – 70/4970
⇒ Profit = 1/4970
Calculation of Profit Percent using Unitary Method
∵ When the Cost Price (CP) is 1/71, the the profit = 1/4970
∴ When the Cost Price (CP) is 1, then the profit
= 1/4970/1/71
= 1/4970 × 71/1
∴ When the Cost Price (CP) is 100, then the profit
= 1/4970 × 71/1 × 100
= 1 × 71 × 100/4970 × 1
= 7100/4970 = 1.43
Thus, Profit = 1.43% 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 71 articles = $1
And, the Sale Price (SP) of 70 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 71 and 70 = 4970
Now, Let total number of articles purchased = 4970
Here, since the Cost Price of 71 articles = $1
∴ the Cost Price of 1 articles = 1/71
Therefore, the Cost Price of 4970 articles
= 1/71 × 4970⇒ The Cost Price (CP) of 4970 articles = $70And, since the Sale Price of 70 articles = $1
∴ The Sale Price (SP) of 1 article = 1/70
Therefore, the Sale Price of 4970 articles
= 1/70 × 4970 = $71
⇒ The Sale Price (SP) of 4970 articles = $71
Now, the Cost Price (CP) of 4970 articles = $70
And, the Sale Price (SP) of 4970 articles = $71
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)
= 71 – 70 = 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 × 100/70
= 100/70 = 1.43
Thus, profit = 1.43% Answer
Similar Questions
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(2) Calculate the earnings percentage if a vendor buys 57 articles for $1 and sells 56 articles for $1.
(3) What will be the earnings in percent if a vendor buys 45 articles for $1 and sells 44 articles for $1?
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(5) How much percent will a vendor earn, if he buys 35 articles for $1 and sells 34 articles for $1?
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(8) If Boby buys 69 pencils for $1 and sells them at a rate of 68 per $1 then, find the earnings in percentage.
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