Quants 18 - Profit and Loss

Practice Questions:

Question 1:

By selling a watch for ` 495, a shopkeeper incurs a loss of 10%. Find the cost price of the watch for the shopkeeper.

Selling Price = 495

Loss = 10%

Cost Price = ?

0.9 × CP = 495 

CP = 495 / 0.9 = 495 / (9/10) = 495 * 10 / 9 = 550.

Question 2:

By selling a cap for ` 34.40, a man gains 7.5%. What will be the CP of the cap?

Selling Price = 34.40

Gain = 7.5%

Cost Price = ?

The SP = 107.5% of the CP. Thus, CP = 34.4/1.075 = 32.

Question 3:

A machine costs ` 375. If it is sold at a loss of 20%, what will be its cost price as a percentage of its selling price?

A loss of 20% means a cost price of 100 corresponding to a selling price of 80. CP as a percentage of the SP would then be 125%

Question 4:

A shopkeeper sold goods for ` 2400 and made a profit of 25% in the process. Find his profit per cent if he had sold his goods for ` 2040.

2400 = 1.25 × cost price Æ Cost price = 1920

Profit at 2040 = ` 120

Percentage profit = (120/2040) × 100 = 6.25%

Question 5:

A digital diary is sold for ` 935 at a profit of 10%. What would have been the actual profit or loss on it, if it had been sold for ` 810?

CP = 935/1.1 = 850. Selling this at 810 would mean a loss of `40 on a CP of ` 850.

Time to Think:

A cellular phone when sold for ` 4600 fetches a profit of 15%. Find the cost price of the cellular phone.