Profit and Loss

Profit and Loss

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Question 1
Alfred buys an old scooter for Rs. 4700 and spends Rs. 800 on its repairs. If he sells the scooter for Rs. 5800, his gain percent is:
A
32/7%
B
60/11%
C
10%
D
12%
Question 1 Explanation: 
Cost Price (C.P.) = Rs. (4700 + 800) = Rs. 5500. Selling Price (S.P.) = Rs. 5800. Gain = (S.P.) - (C.P.) = Rs.(5800 - 5500) = Rs. 300. Gain % =(300/5500)x 100% = 60/11 %
Question 2
The cost price of 20 articles is the same as the selling price of x articles. If the profit is 25%, then the value of x is:
A
15
B
16
C
18
D
25
Question 2 Explanation: 
Let C.P. of each article be Re. 1 C.P. of x articles = Rs. x. S.P. of x articles = Rs. 20. Profit = Rs. (20 - x). ==>(20 - x)/x)*100 = 25 ==> 2000 - 100x = 25x =>125x = 2000 x= 16.
Question 3
If selling price is doubled, the profit triples. Find the profit percent.
A
120
B
100
C
105
D
120
Question 3 Explanation: 
Let C.P. be Rs. x and S.P. be Rs. y. Then, 3(y - x) = (2y - x) y = 2x. Profit = Rs. (y - x) = Rs. (2x - x) = Rs. x. Profit % =(x/x)*100% = 100%
Question 4
In a certain store, the profit is 320% of the cost. If the cost increases by 25% but the selling price remains constant, approximately what percentage of the selling price is the profit?
A
30%
B
70%
C
100%
D
250%
Question 4 Explanation: 
Let C.P.= Rs. 100. Then, Profit = Rs. 320, S.P. = Rs. 420. New C.P. = 125% of Rs. 100 = Rs. 125 New S.P. = Rs. 420. Profit = Rs. (420 - 125) = Rs. 295. Required percentage = (295/420)*100% =1475/21% = 70% (approximately).
Question 5
A vendor bought toffees at 6 for a rupee. How many for a rupee must he sell to gain 20%?
A
3
B
4
C
5
D
6
Question 5 Explanation: 
C.P. of 6 toffees = Re. 1 S.P. of 6 toffees = 120% of Re. 1 = Rs. 6/5 For Rs. 6/5 , toffees sold = 6. For Re. 1, toffees sold =6 x(5/6)= 5
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