Question

Fill in the blanks to make the statement true: Narain bought $120$ oranges at $₹4$ each. He sold $60\%$ of the oranges at $₹5$ each and the remaining at $₹3.50$ each. His _______ is ________ $\%$.

• A. Profit
• B. $10\%$

Answer 1

Step 1: Form equations using the given information

Given, Cost price (CP) of $120$ oranges $=₹120\times 4$, i.e. $₹480$

and, Sale price (SP) of $60\%$ oranges $=₹(120\times \frac{60}{100})\times 5$, i.e. $₹360$

also, the sale price (SP) of remaining $40\%$ oranges $=₹(120\times \frac{40}{100})\times 3.50$, i.e. $₹168$

Hence, the total SP is $₹(360+168)=₹528$

As the total sale price is greater than cost price, Narain makes a “Profit” on sale of oranges.

Step 2: Evaluate the profit

We know that, $\mathrm{Profit}=\mathrm{Sale}\mathrm{Price}-\mathrm{Cost}\mathrm{Price}$

$$\begin{gathered} \Rightarrow P=SP-CP \\ \Rightarrow P=528-480 \\ \Rightarrow P=₹48 \end{gathered}$$

Now evaluate the profit percentage using the formula, $\mathrm{Profit}\%=\frac{\mathrm{Profit}}{\mathrm{CP}}\times 100$

$$\begin{gathered} \Rightarrow P\%=\frac{48}{480}\times 100 \\ \Rightarrow P\%=10\% \end{gathered}$$

Therefore, Narain makes a profit of $10\%$ on sale of oranges.