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Profit and Loss Questions

1. A girl bought a book for Rs.450 and sold it at 20% profit. By using that amount she bought another book and sold it at 5% loss. Then overall profit amount is: 



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Correct Ans:63
Explanation:
Given
Cost Price of 1st book = Rs.450.
Profit % on selling 1st book = 20%

Selling price of 1st book = {(100 + Profit%) / 100} * C.P
= {(100 + 20) / 100} * 450
= (120 / 100) * 450
= 12 * 45
= 540 Rs.

Cost price of 2nd book = Rs.540
Loss % on selling 2nd book = 5%

Selling price of 2nd book = {(100 - Loss%) / 100} * C.P
= {(100 - 5) / 100} * 540
= (95 / 100) * 540
= 513 Rs.

Overall profit = Selling price of 2nd book - Cost Price of 1st book
= Rs.513 - Rs.450
= Rs. 63


2. A seller gains the cost of 40 dozen apples by selling 25 dozen of apples. Find out the gain percent



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Correct Ans:60%
Explanation:
Given
Cost price (C.P) of 40 dozen of apples is equal to selling (S.P) of 25 dozen of apples.

Let the C.P of 1 dozen of apple = Rs.1
Therefore C.P of 25 dozen apples = Rs. 25
and C.P of 40 dozen apples = Rs.40

=> C.P of 40 dozen of apples = S.P of 25 dozen apples = Rs.40

Profit % = (S.P of 25 dozen apples - C.P of 25 dozen apples) / C.P of 25 dozen apples * 100%
= {(40 - 25) / 25} * 100%
= {15 / 25} * 100%
= 60%

Therefore, required Profit % = 60 %


3. If after three successive discounts of 30%, 20% and 10% a customer has to pay Rs.2520, what is the list price of the article? 



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Correct Ans:5000
Explanation:
Let the list price be k
The (90/100) x (80/100) x (70/100) * k = 2520
=> K = 5000


4. A shopkeeper buys bananas at 15 for Rs 12 and sells at 12 for Rs.15. Find his gain or loss percent.



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Correct Ans:56.25%
Explanation:
Given, the C.P of 15 bananas = Rs. 12
=> C.P of 1 banana = Rs. 12/15
=> C.P of 12 bananas = Rs. (12 /15)* 12
= Rs. 144/15
= Rs. 48/ 5
Thus,C.P of 12 bananas = Rs. 48/ 5
Given,S,P of 12 bananas = Rs. 15

Gain = (S.P - C.P)of 12 bananas
= 15- (48/5)
= (75- 48) / 5
= 27/ 5
=>Gain = Rs. 27/ 5

Percentage Gain = (Gain/C.P of 12 bananas) * 100%
= (27/5) / (48/5) * 100%
= (27/48) * 100%
= 56.25%

Thus,Gain % = 56.25%


5. If after three successive discounts of 30%, 20% and 10% a customer has to pay Rs.2520, what is the list price of the article?



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Correct Ans:5000
Explanation:
Let the list price be k The (90/100) x (80/100) x (70/100)* k = 2520 => K = 5000


6. The selling price of 100 articles is the same as the cost price of 120 articles. Find gain percent.



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Correct Ans:20%
Explanation:
Let the cost price of each article be Rs k
We have, S.P of 100 articles = C.P of 120 articles = 120k
We know that C.P of 100 articles = 100 k

Gain on the purchase of 100 articles = S.P - C.P
=> Gain = 120 k - 100 k =20k

Profit percentage = (profit/C.P) x 100 = (20k/100k) x 100 = 20%


7. A man sold a chair at a loss of 6%. Had he been able to sell it at a gain of 10%, it would have fetched Rs. 96 more than it did. What was his cost price?



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Correct Ans:600
Explanation:
In the given problem, let C.P denote the cost price, then (100+10)% of CP – (100-6) % of CP = Rs. 96 (110)% of CP – (94) % of CP = Rs.96 16 % of CP = 96 => CP = 96 x 100 / 16 = 600


8. Find the cost price of an article which is sold at a loss of 25% for Rs. 480. 



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Correct Ans:640
Explanation:
We know that the article was sold at loss of 25% it means that only 75% of the cost price is paid.
Which means, 75% of C.P = 480
=> (75/100) x C.P = 480
=> C.P = 480 x 4/3
= 160 x 4
= 640 Rs
Cost price of an article = Rs 640


9. A shopkeeper sells some toys at Rs. 250 each. What percent profit does he make? To find the answer, which of the following information given in Statements I and II is/are necessary?
I. Number of toys sold.
II. Cost price of each toy.



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Correct Ans:Only II is necessary
Explanation:
S.P. = Rs. 250 each. To find gain percent, we must know the C.P. of each. Correct answer is (B).


10. Vijay sells an article at a profit of 20%. If that article was bought for Rs.1500, then find the selling price. 



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Correct Ans:1800
Explanation:
Given
C.P = Rs. 1500 and Profit = 20%
=> Gain = gain / 100 x CP
=> Profit = (20 / 100) x 1500
=> 15 x 20
=> 300
S.P = C.P + profit
= 1500 + 300
= 1800


11. A shopkeeper sells some articles at the profit of 25% on the original price. What is the exact amount of profit? To find the answer, which of the following information given in Statements I and II is/are necessary?
I. Sale price of the article
II. Number of articles sold



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Correct Ans:Both I and II are necessary
Explanation:
Gain = 25% of C.P. In order to find gain, we must know the sale price of each article and the number of articles sold. Therefore, Correct answer is (D).


12. Peter bought a laptop for Rs. 24,700, which he later sold to John for Rs. 26000. Find the profit percentage. 



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Correct Ans:5%
Explanation:
S.P = 26000 and C.P = 24700.
Profit = S.P – C.P = 26000 – 24700 = 1300
Profit percentage = (Profit /C.P) x 100 = (1300/26000) x 100 = 100 / 20 = 5 %


13. A man bought 5 oranges for some price and for the same price he sold three oranges, Find the profit percentage?



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Correct Ans:66.67%
Explanation:
Let the cost price (C.P) of 5 oranges = K Rs.
=> (C.P) of 1 orange = K/5
Given, Selling price (S.P) of 3 oranges = K Rs.
=> C.P of 3 oranges = 3K/5 Rs.

Profit % = {(S.P – C.P)/C.P} * 100
=> Profit % = {[K – (3K/5] / (3K/5)} * 100
= {[(5K – 3K) / 5] / (3K/5)} * 100
= (2K/5) * (5/3K) * 100
= (2 / 3) * 100
= 66.67 %
Profit % = 66.67%


14. Rajni purchased a mobile phone and a refrigerator for Rs. 12000 and Rs. 10000 respectively. She sold the first at a loss of 12% and the second at a profit of 8%.What is her overall profit/loss?



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Correct Ans:640
Explanation:
Total price = 12000 + 10000 = 22000
Total Cost price = Rs 22000

SP of mobile phone
=> 88 % of CP
= (88/100) x 12000
= 0.88 x 12000
= 10560
SP of refrigerator
= 108% of CP
= (108/100) x 10000
= 1.08 x 10000
= 10800
Total SP = 10560 + 10800
= 21360
Loss = (C.P.) - (S.P.)

Loss = 22000 – 21360
= 640


15. A man sold a horse at a loss of 7%. Had he been able to sell it at a gain of 9%, it would have fetched Rs. 64 more than it did. What was his cost price? 



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Correct Ans:400
Explanation:
In the given problem, let C.P denote the cost price, then
(100+9)% of CP – (100-7) % of C.P = Rs. 64
=>(109)% of CP – (93) % of C.P = Rs. 64
=>16 % of CP = 64
=> CP = 64 x 100 / 16 = 400


16. A grocer sells rice at a profit of 10% and uses a weight which is 20% less. Find his total percentage gain.



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Correct Ans:37.50%
Explanation:
The grocer buys rice at m Rs/Kg
Then he sells at Rs (110/100)m per 80/100 Kg Or, at Rs. 110 m /100 x (100/80) per kg = 11 m / 8 per kg
Profit = 11m/8 – m = 3m/8
Profit percentage = (3m/8) / m x (100) = 300/8 = 37.5%


17. A dishonest dealer professes to sell his goods at cost price, but he uses a weight of 960 gm for the kg weight. Find his gain percent. 



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Correct Ans:25/6 %
Explanation:
Cost of the goods be 1 Re per kg.
He sells for Re 1 what cost to him is Rs. 0.96
Gain = 1 – 0.96 = 0.04
Gain percentage = (0.04/0.96) x 100 = 25/6 %


18. A reduction of 20% in the price of sugar enables a person to buy 2 kg more for Rs. 30. Find the reduced price of sugar (per kg).  



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Correct Ans:3
Explanation:
Price reduced in percentage = 20 %

Reduced price of sugar be =(30 / 2) x (20 / 100) = 3 Rs per kg


19. The profit earned by selling an article for Rs. 600 is equal to the loss incurred when the same article is sold for Rs. 400. What should be the sale price of the article for making 25% profit? 



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Correct Ans:625
Explanation:
Let the cost price be Rs. k
Now, as per the question, 600 – k = k – 400 => 2k = 1000 => k = 500
Again, selling price of the article for making 25 % profit = (500 x 125) /200 = Rs. 625


20. If I purchased 11 books for Rs. 10 and sold all the books at the rate of 10 books for 11, find my profit percentage.



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Correct Ans:21%
Explanation:
If C.P = 10 Rs. then S.P = (11/10 x 11) = 12.1 Rs
Gain = 12.1 - 10 Rs = 2.1 Rs
Gain % = profit/C.P x 100 = 2.1 / 10 x 100 = 21 %





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