Question:
Calculate the earnings in percent if a vendor buys 72 coins for $1 and sells 71 coins for $1.
Correct Answer
1.41%
Solution And Explanation
Solution
Given,
The Cost Price (CP) for 72 articles = $1
The Sale Price (SP) for 71 articles = $1
Thus, Profit percent = ?
Unitary Method to find the profit when Cost Price and Sale Price are given
∵ The Cost Price (CP) for 72 articles = $1
Therefore, the Cost Price (CP) for 1 lemon = 1/72
∵ The Sale Price (SP) for 71 articles = $1
Therefore, the Sale Price (SP) for 1 lemon = 1/71
Calculation of profit
Profit = Sale Price (SP) – Cost Price (CP)
= 1/71 – 1/72
= 72 – 71/5112
⇒ Profit = 1/5112
Calculation of Profit Percent using Unitary Method
∵ When the Cost Price (CP) is 1/72, the the profit = 1/5112
∴ When the Cost Price (CP) is 1, then the profit
= 1/5112/1/72
= 1/5112 × 72/1
∴ When the Cost Price (CP) is 100, then the profit
= 1/5112 × 72/1 × 100
= 1 × 72 × 100/5112 × 1
= 7200/5112 = 1.41
Thus, Profit = 1.41% 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 72 articles = $1
And, the Sale Price (SP) of 71 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 72 and 71 = 5112
Now, Let total number of articles purchased = 5112
Here, since the Cost Price of 72 articles = $1
∴ the Cost Price of 1 articles = 1/72
Therefore, the Cost Price of 5112 articles
= 1/72 × 5112⇒ The Cost Price (CP) of 5112 articles = $71And, since the Sale Price of 71 articles = $1
∴ The Sale Price (SP) of 1 article = 1/71
Therefore, the Sale Price of 5112 articles
= 1/71 × 5112 = $72
⇒ The Sale Price (SP) of 5112 articles = $72
Now, the Cost Price (CP) of 5112 articles = $71
And, the Sale Price (SP) of 5112 articles = $72
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)
= 72 – 71 = 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 × 100/71
= 100/71 = 1.41
Thus, profit = 1.41% Answer
Similar Questions
(1) James loses 68% by selling an article for $1043.20. For how much should he sell it to get a profit of 67%?
(2) Find the cost price, if by selling some articles for $13792 a trader earns a profit of 220%
(3) Mr. Steven loses 93% by selling an article for $315.70. For how much should he sell it to get a profit of 92%?
(4) Mr. John sold his scoory for $1465.10 and got a loss of 9%. What was the cost price of the scooty?
(5) If a dealer gets a loss of 75% by selling 200 boxes of apple for $3702.50 then find the cost price.
(6) Mr. Henry loses 26% by selling an article for $858.4. For how much should he sell it to get a profit of 25%?
(7) By selling some items for $12741.00 a trader earns a profit of 210%. Find the cost price.
(8) 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?
(9) A dealer loses 56% by selling an article for $1170.40. For how much should he sell it to get a profit of 55%?
(10) If a trader earns a profit of 10% by selling rice for $121 per kg, then find the cost price of the rice