Sunday, July 21, 2024
Banking QuizQuant

Quantitative Aptitude: Profit and Loss Set 1

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  1. A loss of 10% is made by selling an article. Had it been sold for Rs 75 more, there would have been a profit of 5%. What would be the selling price of the article if it is sold at 15% profit?
    A) Rs 475
    B) Rs 520
    C) Rs 575
    D) Rs 425
    E) None of these
    View Answer
    Option C
    Solution:
    Use shortcut for these type of questions:
    CP of article = 75 × 100/ [5 – (-10)] (+5 for 5% profit, -10 for 10% loss)
    So SP at 15% profit = 115/100 * CP = (115/100) * [75 × 100/15] = Rs 575
  2. A profit of 20% is made when an article is sold for Rs 720. What will be the profit % if the same article is sold for Rs 630?
    A) 12%
    B) 9%
    C) 3%
    D) 5%
    E) 8%
    View Answer
    Option D
    Solution:
    Let x% is the required profit. So
    630 = [(100+x)/100] * [100/120 * 720]
    Solving, we get, x = 5% profit
  3. A trader gets a profit of 30% on buying a kg of wheat. By mistake, he sold 1200 grams of wheat at the price of 1 kg. Find his net profit/loss%.
    A) 25/3% profit
    B) 55/3% profit
    C) 30/11% loss
    D) 125/3% loss
    E) 25/6% profit
    View Answer
    Option A
    Solution:
    He sold 1200 grams of wheat at the price of 1 kg, means he incurs a loss here.
    That loss% = (1200-1000)/1200 * 100 = 50/3%
    Now there was a profit of 30% while buying and now a loss of 50/3% while selling. So successive method can be used here:
    Profit/loss% = 30 + (-50/3) + (30)(-50/3)/100 = + 25/3%
  4. A trader bought 8 kg of rice at Rs 10 per kg. While selling he uses false weights of 1600 gm instead of 2 kg. What profit did he make by selling 8 kg of rice bought?
    A) Rs 18
    B) Rs 30
    C) Rs 20
    D) Rs 26
    E) Rs 33
    View Answer
    Option C
    Solution:
    He uses 1600 grams weight instead of 2 kg, means he makes a profit here.
    That profit% = (2000-1600)/1600 * 100 = 25%
    1 kg or 1000 gm costed him Rs 10. So 1600 gms costs his Rs 16.
    Now on selling each 1600 gms he makes 25% profit. So profit = 25/100 * 16 = Rs 4
    On selling each 1600 gms, he makes a profit of Rs 4, so on selling 5 * 1600 = 8000 gms or 8 kg, he makes a profit of 5 * 4 = Rs 20
  5. There is a profit of 20% on an article, when a discount of 10% is given. What will be the profit % on the article if discount given is 20%?
    A) 2 1/3%
    B) 7%
    C) 4 4/5%
    D) 8%
    E) 6 2/3%
    View Answer
    Option E
    Solution:
    P2% = (100+p%1) [ (100 – d2%)/(100 – d1%)] – 100
    So P2% = (100+20) [ (100 – 20)/(100 – 10)] – 100 = 120 * (80/90) – 100 = 20/3%
  6. Two mobiles are sold at same price. If on one, a profit of 25% is made and on another, a loss of 10% is incurred, find the net profit/loss%.
    A) 10 62/99%
    B) 15 12/33%
    C) 6 14/23%
    D) 4 28/43%
    E) 15 1/5%
    View Answer
    Option D
    Solution:
    profit 25% = 125, loss 10% = 90. Let SP of each mobile = LCM of (125 and 90) = 2250
    So CP1 = 100/125 * 2250 = Rs 1800, and CP2 = 100/90 * 2250 = Rs 2500
    So total SP = 2250+2250 = Rs 4500
    Total CP = 1800+2500 = Rs 4300
    So gain% = (4500-4300)/4300 * 100 = 200/43%
    OR use formula:
    gain/loss% = [100(25 – 10) – 2 (25)(10)] / [(100+25) + (100-90)] = (1500-500)/215 = + 200/43%
  7. Cost price of milk is Rs x per litre and it is sold at Rs 1.5x per litre. If the milkman mixes 2 litres water with every 4 litres of pure milk while selling, what is his profit percentage?
    A) 100%
    B) 125%
    C) 80%
    D) 25%
    E) 55%
    View Answer
    Option B
    Solution:
    Let CP of 1 l pure milk = Re 1
    Then CP of 4 l of milk = Rs 4, and CP of 2 l of water = Rs 0. So CP of 6 l mixture = Rs 4
    And SP of 6 l of mixture = 6*1.5 = Rs 9
    So profit% = (9-4)/4 * 100 = 125%
  8. The profit% made by selling an article for Rs 2200 is same as the loss% made by selling the same article for Rs 1700. What would be the selling price of the article if it is sold at 10% profit?
    A) Rs 2145
    B) Rs 2080
    C) Rs 1975
    D) Rs 1900
    E) Rs 2180
    View Answer
    Option A
    Solution:
    Let CP of article = Rs x
    So (2200 – x)/x * 100 = (x – 1700)/x * 100
    So 2200 – x = x – 1700
    Solving, we get x = Rs 1950
    So SP = 110/100 * 1950 = Rs 2145
  9. Due to reduction of 20% in price of pens a customer can purchase 5 more pens for Rs. 40. What is the original price of a pen?
    A) Rs 5
    B) Rs 3
    C) Rs 2
    D) Rs 6
    E) Rs 8
    View Answer
    Option C
    Solution:
    There is 20% reduction in price. So to keep the total amount same, consumption should increase by 20/(100-20) * 100 = 25%
    For 25% (25/100 = 1/4) increase in consumption, customer can purchase 5 more pens
    So original price of pens = 4*5 = Rs 20
    So original price of 1 pen = 40/20 = Rs 2
  10. If the cost price of 200 pens is equal to the selling price of 160 pens, the gain/loss % is
    A) 14% loss
    B) 25% gain
    C) 12% gain
    D) 16% loss
    E) 22% gain
    View Answer
    Option B
    Solution:
    Here CP is more, so gain%.
    Gain% = (200-160)/160 * 100 = 25%

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