Dear Reader, below are relatively easy problems on profit and loss. Hope they help you to stay prepared.
A man buys certain number of steel rods priced at Rs. 7 per rod for Rs. 120. He then sells them at a loss of 25%. What will be his loss amount for every 100 steel rods.
a)Rs. 180 b)Rs.175 c)Rs.170 d)Rs.160
Answer : b)Rs.175
This is a simple question where not all data given in question is required to find the answer.
Since the question is on the loss amount for 100 steel rods, we are not interested in the money spent by the man in buying a certain number of rods he desired.
Now lets get into the solution :
Cost of each rod = Rs. 7
Loss percentage of 25% corresponds to a loss of 7 x 25/100 on each rod.
Loss on each rod = 7 x 25/100 = Rs. 7/4
Therefore loss on 100 rods = loss on each rod x 100 = 700/4 = Rs. 175
One day, a man buys 100 apples at Rs. 6 per fruit and 100 guavas at Rs. 4 per fruit. He sells 100 apples and 100 guavas on the following day. Due to drop in demand for guavas, the man sells guavas at Rs. 3 per fruit. However he manages to sell apples at a profit. At what price he must sell each apple so that he balances out the loss due to guavas.
a)Rs.6.50 b)Rs.7.25 c)Rs.7 d)Rs.6.75
Answer : c)Rs.7
Cost price of 100 guavas = 4 x 100 = Rs. 400
Selling price of 100 guavas = 3 x 100 = Rs. 300
Loss made on selling 100 guavas = 400 - 300 = Rs. 100
To balance the above loss,the man has to sell Apples so that he makes a profit of Rs.100
Cost price of 100 apples = 6 x 100 = 600
To make a profit of Rs.100 he has to sell 100 apples at Rs.600 + Rs.100 = Rs. 700
Selling price of each apple = 700/100 = Rs. 7
A man buys 50 mangoes from a shop for Rs 5 per fruit. In the next shop he buys 100 mangoes at Rs 4 per fruit. He mixes mangoes purchased from both shops. Now at what price he must sell each mango to get a profit of 25% on each fruit he sells.
a)Rs.5.4 b)Rs.5.2 c)Rs.5.3 d)Rs.5.5
Answer : a)Rs.5.4
Total money spent on first 50 mangoes = Rs. 50 x 5 = Rs. 250
Total money spent on next 100 mangoes = Rs. 100 x 4 = Rs. 400
Net amount spent on all 150 mangoes - Rs. 250 + Rs. 400 = Rs. 650
Effective cost price of each mango = Rs. 650/150 = Rs. 13/3
Selling price of each mango so as to gain 25% profit = cost price x 125/100 = 13/3 x 125/100 = Rs 5.4 (approximately)