Question

Using the figures given below, frame problems based on profit percent or loss percent
​Cost price of 8 articles is Rs 1200 each, selling price Rs 1400 each.

Answer 1

Problem : Madanlal bought 8 almirahs each at Rs 1200 and sold them all at Rs 1400 each. What was the percentage of his profit or loss ?

Solution : Cost price of 1 almirah = Rs 1200
∴ Cost price of 8 almirahs = 8 × 1200 = Rs 9600
Selling price of 1 almirah = Rs 1400
∴ Selling price of 8 almirahs = 8 × 1400 = Rs 11200
Since selling price is more than cost price, then there is a profit.
Profit = Selling Price − Cost Price
= 11200 − 9600
= Rs 1600
Let x% be the Madanlal's profit in this transaction. Then,
$\frac{x}{100}=\frac{\mathrm{profit}}{\cos {\displaystyle \mathrm{t}}{\displaystyle }{\displaystyle \mathrm{price}}}=\frac{1600}{9600}$
⇒$\frac{x}{100}\times 100=\frac{1600}{9600}\times 100$
⇒x = $\frac{50}{3}=16\frac{2}{3}$
∴ Madanlal made a profit of $16\frac{2}{3}$% in this transaction.