SBI PROBATIONARY OFFICERS QUANTITATIVE APTITUDE PROFIT & LOSS

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George Daniels
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1 SBI PROBATIONARY OFFICERS QUANTITATIVE APTITUDE PROFIT & LOSS There are two distinct kinds of profit and loss problems -those in which profit or loss is based on cost and those in which profit or loss is based on selling price. Before such a problem can be solved it must be known in which of these classes it belongs. Remember, profit or loss is always to be considered as based on cost unless it is stated or otherwise known that it is based on selling price. A good knowledge of percentages will help to solve Profit & Loss questions thoroughly. The money spent to purchase an article is cost price of the article, and the money received for selling an article is called selling price. Profit = Selling Price Cost Price Loss = Cost Price Selling Price To calculate profit / loss percent we use the following formulae Profit Profit% = Cost Price Loss Loss% = Cost Price To calculate Cost Price or Selling Price, the following formulae are to be used. Cost Price = S.P. (OR) C.P. = S.P. + Profit% Loss% + Profit% Loss% Selling Price = C.P. (OR) S.P. = C.P. DISCOUNTS The price at which the article is marked is the marked price or listed price or labelled price or catalogue price or printed price. The discount is allowed on marked price. Discount Discount% = Marked Price Note: Discount percents are always calculated on Marked Price. When discount is deducted from the marked price, the remainder becomes the selling price. To find Marked Price from Cost Price, the following formula can be used. + Profit% Marked Price = Cost Price Discount% EXERCISE 1. A dealer charges his customer 24% more than the cost price. If a customer paid Rs.20,460 for a TV set, then what was the cost price of the TV set? 1) Rs.12,500 2) Rs.18,800 3) Rs.19,500 4) Rs.16, A man buys 120 oranges for Rs.720. He sells 70 oranges for Rs.8 each and remaining at Rs.5 each. Find his overall profit/ loss%? 1) 2.78% loss 2) 3.12% profit 3) 2.78% profit 4) 2.49% loss R

2 3. A fruit seller buys 60 oranges for Rs.480. Five oranges were spoilt in transportation. If he sells the remaining oranges at Rs.12 each, find his profit or loss percent. 1) 25% loss 2) 37.5% profit 3) 20% profit 4) 32.5% profit 4. A trader sells an article at a profit of 30%. Had he purchased it at 10% less and sells for Rs.330 less he would have gained 20%. Find the cost price of the article. 1) Rs ) Rs ) Rs ) Rs Gourav sold an article for Rs.238 at a loss of fifteen percent. At what rate should he have sold the clock to earn a profit of twenty five percent? 1) Rs.300 2) Rs.350 3) Rs.285 4) Rs A student bought 20 pens, 8 packets of wax colours, 6 calculators and 7 pencil boxes. The price of one pen is Rs.7, one packet of wax colour is for Rs.22, one calculator is for Rs.175 and one pencil box costs Rs.14 more than the combined price of one pen and one packet of wax colours. How much amount did he pay to the shopkeeper? 1) Rs.491 2) Rs ) Rs ) Rs A sells a house to B at a profit of 10%, B sells it to C at a loss of 15% and C sells it to D for Rs.33,66,000 making a profit of 20%. What did the house cost A? 1) Rs 25,00,000 2) Rs.30,00,000 3) Rs 35,00,000 4) Rs.20,00,000 5) Rs.28,00, Bhavana purchased a box of pencils at the rate of 6 for Rs.9 and sold all of them at the rate of 7 for Rs.11. If she gains Rs.9, how many pencils did the box contain? 1) 42 2) 21 3) 126 4) Can't be determined 9. A man buys 5 tables and 10 chairs for Rs He sells tables at a profit of 15% and tables at a Loss of 10% if his over all profit was Rs.90, what is the cost price of a chair? 1) Rs.60 2) Rs.200 3) Rs.75 4) Rs A dishonest dealer professes to sell his goods at the cost price, but uses only 800 grams in place of a kilogram weight. Find his profit percent. 1) 20% 2) 25% 3) 30% 4) 15% 11. Kapil purchased 30 kg of rice at the rate of Rs per kg and another 30 kg rice at a certain rate. He mixed the two and sold the entire quantity at the rate of Rs per kg and made 20% overall profit. At what price per kg did he purchase the second lot? 1) Rs ) Rs ) Rs ) Rs ) Rs A shopkeeper buys an article for Rs.528. He offers 12% discount on selling the article and yet gains 18%. Find the rate at which he marked the article. 1) Rs.713 2) Rs.578 3) Rs.708 4) Rs A certain number of articles were purchased for Rs.90. Three more articles could have been purchased for the same amount if each article was cheaper by Rs.1. Find the number of articles purchased. 1) 15 2) 25 3) 18 4) 12

3 14. A discount of 10% enables a man to buy 5 more apples for Rs.225. Find the original price per apple. 1) Rs ) Rs.5 3) Rs.4 4) Rs A person purchases 90 books and sells 40 books at a gain of 10% and 50 books at a gain of 20%. Had he sold all of them at a uniform profit of 15% he would have got Rs.40 less. Find the cost price of each book. 1) Rs.70 2) Rs.65 3) Rs.80 4) Rs.120 ANSWERS 1-4; 2-5; 3-2; 4-1; 5-2; 6-3; 7-2; 8-3; 9-1; 10-2; 11-5; 12-3; 13-1; 14-2; EXPLANATIONS 1. S.P. = Rs.20,460 P% = 24% C.P. = % = Rs.16, C.P. of 120 oranges = Rs.720 S.P. of 70 oranges at Rs.8 = 70 8 = Rs.560 S.P. of 50 oranges at Rs.5 = 50 5 = Rs.250 Total S.P. of 120 oranges = = Rs.810 Profit = = Rs Profit% = = 12.5% Cost Price = Rs.480 Selling Price = 55 Rs.12 = Rs.660 Profit = = Rs Profit% = = 37.5% Let the cost price be Rs. He sells for Rs.130. (at 30% profit) if he buys 10% less, then C.P = Rs.90 Now the Selling Price = Rs.108 (at 20% profit) Difference in S.P. is ( ) = Rs.22 If the difference in S.P. is Rs.22, the C.P. is Rs. if the difference in S.P. is Rs.330, then 330 C.P. = = Rs Cost price of the clock = SP + P% = 238 = Rs P% 125 To get 25%, the Selling price = CP = 280 = Rs. 350

4 Shortcut: 125 Required selling price = 238 = Rs Cost price of 20 pens = 20 7 = Rs.140 Cost price of 8 packets wax colours = 8 22 = Rs.176 Cost price of 6 calculators = = Rs.1050 Cost price of 7 pencil boxes = 7 ( ) = Rs.301 Total Cost = = Rs Let the Cost price of the house be Rs.x x = 33,66,000 x = Rs.30,00, LCM of 6 and 7 is 42 Cost price of 6 pencils is Rs.9 42 Cost price of 42 pencils = 9 = Rs.63 6 Selling Price of 7 pencils is Rs Selling price of 42 pencils = 11= Rs.66 7 Gain = = Rs.3 If the gain is Rs.3, he purchased 42 pencils, But gain is Rs.9, therefore The number of pencils = 42 3 = Let the C.P. of 5 tables be Rs.x, then C.P. of 10 chairs = Rs.(1600 x) 15%x 10%(1600 x) = Rs.90 by solving, x = Rs.0 C.P. of 5 tables = Rs.0 C.P. of 10 chairs = Rs.1600 Rs.0 = Rs C.P. of one table = = Rs C.P. of one chair = = Rs Original Weight False Weight 10. Profit% = False Weight P% = = 25% 11. Let the second lot be Rs.x 120% of (30 Rs x) = ( ) x = Rs.13.50

5 + Profit% 12. Marked Price = cost price Discount% + 18 M.P. = 528 = Rs Let the number of articles be 'x' = 1 x = 15 x x With10% money, he buys 5 apples, therefore with % money, he buys 50 apples. without discount he gets only 45 apples. 225 original price per apple = = Rs Let the C.P. of each book be Rs. S.P. of 40 books = = Rs.4,400 S.P. of 50 books = = Rs.6,000 Total S.P. = Rs Rs.6,000 = Rs.10,400 At a uniform profit of 15% S.P. of 90 books = = Rs.10,350 Difference = Rs.10,400 Rs.10,350 = Rs.50 If the difference is Rs.50 then C.P. = Rs. If the difference is Rs.40 then 40 C.P. = = Rs Writer: Dr. G.S. Giridhar

Quantitative Aptitude 10. PROFIT AND LOSS

Quantitative Aptitude 10. PROFIT AND LOSS 10. PROFIT AND LOSS Cost Price: The price at which an article is purchased, is called the cost price or CP. Selling Price: The price at which an article is sold is called the selling price or SP. Formulae: