15 Jun 2017

Crack IBPS Exams 2017 - Topic wise Discussion on Quantitative Aptitude Day-3 (Profit and Loss: PART-3) [Explanations Updated]

Crack IBPS Exams 2017 - Topic wise Discussion on Quantitative Aptitude Day-1 (Profit and Loss)
Crack IBPS Exams 2017 - Topic wise Discussion on Quantitative Aptitude Day-3 (Profit and Loss: PART-3):
Dear Readers, We all knew a famous saying of the Legend Aristotle, “Well begun is half done” and we also knew that this statement is 100% true. To Crack the Bank Exams you need to know where to start and how to start. Now this is the absolute correct time to kick start the preparation for upcoming IBPS Exams 2017. To help you in this aspect and to be a part of your preparation here we, IBPS Guide Team providing Topic wise Discussion on Quantitative Aptitude, this session will be conducted regularly on daily basis. This will provide a complete overview on the topics along with exercise questions. Kindly Make use of it.




PROFIT AND LOSS: PART-3
Type 11:
1). The marked price of an article is 50% above cost price. When marked price is increased by 20% and selling price is increased by 20%, the profit doubles. If original marked price is Rs.300, then original selling price is
Solution:
Original MP = 300; Therefore Original CP = 300/150 x 100 = 200
Let the original SP be x. Then Original profit = x – 200
If the SP is increased by 20% then new SP = 120/100 × x = 1.2x
Then new Profit = 1.2 x – 200
Given 1.2 x – 200 = 2(x – 200)
=>2x – 1.2 x = 400 – 200 =>0.8 x = 200 => x = 200/0.8 = 250

Type 12:
2). The Cost price of an item increases by 10% first then 10% nest and by 10% yet again and finally the last 10% increases is equivalent to an increase of Rs.121. What was the first 10% equivalent to?
Solution:
If CP is initially A then the value after increases are 1.1A, 1.21A and 1.331A
Since 0.121A = Rs.121 then A = Rs.1000. Therefore 0.1A is equivalent to Rs.100

Type 13:
3). An article listed at Rs. 800 is sold at successive discounts of 25% and 15%. The buyer desires to sell it off at a profit of 20% after allowing a 10% discount. What would be his list price?
Solution:
SP = 800 x 75/100 x 85/100 = Rs 510
CP for the buyer = Rs 510
Profit = 20%
SP = 510 + 20% of 510 = 510 + 102 = Rs 612
SP = MP –Discount
612 = MP – 10% of MP
612 = MP – MP/10 = 9MP/10
MP = (612 x 10)/9 = Rs 680

Type 14:
4). A machine is sold at a loss of 10%. Had it been sold at a profit of 15%, it would have fetched Rs. 50 more. The cost price of the machine is:
Solution:
Difference in two selling prices = 10% - (-15%) = 10% + 15% = 25% of cost price
Actual difference in two selling price = Rs. 50 (i.e. 2 times of 25)
Therefore, Cost Price = 2 × Rs. 100 = Rs. 200

Type 15:
5). A dishonest dealer sells his goods at the cost price and still earns 25% profit by false weight. What weight does the dealer use for a kg?
Solution:
Let he defrauds x grams per kg
Here Profit%=25
Then, x / (100-x) =25
Solving, x = 200 
He uses 1000 - 200= 800 grams instead of 1 kg.

Dear Aspirants, Here below we have given exercise questions on Profit and Loss based on the above types, solve these questions by yourself and comment your answers below.  Correct Answers with explanation will be updated in the end of the day. 

Exercise questions:  
1). The selling price of a box is increased by 16.66% and the marked price is increased by 25%, then the amount of profit doubles. If the original marked price be Rs. 400 which is greater than the corresponding cost price by 33.33%. What is the increased selling price?
a)   Rs. 600
b)   Rs. 420
c)   Rs. 360
d)   Rs. 300
e)   None of these
2). A dishonest dealer professes to sell his fruits at cost price. But he uses a false weight 18 and thus gains 6 18/47%. For a kg, he uses a weight of :
a)   940 gms
b)   947 gms
c)   953 gms
d)   960 gms
e)   None of these
3). The Maximum Retail Price (MRP) of a product is 55% above its manufacturing cost. The product is sold through a retailer, who earns 23% profit on his purchase price. What is the profit percentage for the manufacturer who sells his product to the retailer? The retailer gives 10% discount on MRP.
a)   31%
b)   22%
c)   15%
d)   13%
e)   11%
4). A man sells an article at a profit of 20%. If he bought it at 20% less and sold it for Rs.75 less, he would have gained 25%. What is the cost price?
a)   Rs. 500
b)   Rs. 475
c)   Rs. 260
d)   Rs. 375
e)   None of these
5). A grocer sells wheat at a profit of 10% and uses weights which are 20% less than the market weight. The total gain earned by him will be :
a)   30%
b)   35%
c)   37.5%
d)   42.5%
e)   None of these
6). A shopkeeper sells a book at a loss of 12 1/2%. Had he sold it for Rs. 51.80 more, he would have earned a profit of 6%. The cost price of the book is :
a)   Rs. 280
b)   Rs. 300
c)   Rs. 380
d)   Rs. 400
e)   None of these
7). A land and a shop were sold for Rs. 1 lakh each. In this transaction, the sale of land resulted into 20% loss whereas the shop sale resulted into 20% profit. The entire transaction resulted in :
a)   no loss, no gain
b)   loss of Rs. 1/12 lakh
c)   loss of Rs. 1/18 lakh
d)   gain of Rs. 1/24 lakh
e)   None of these
8). A store keeper sold half of his product at 20% profit, half of the remaining at 20% loss and the rest was sold at the cost price. In the total transaction, his gain or loss will be:
a)   Neither loss nor gain
b)   5% loss
c)   5% gain
d)   10% gain
e)   None of these
9). A person purchases 90 chairs and sells 40 chairs at a gain of 10% and 50 chairs at a gain of 20%. If he sold all of them at a uniform profit of 15%, then he would have got Rs. 40 less. The cost price of each chair is:
a)   Rs.50
b)   Rs.60
c)   Rs.80
d)   Rs.90
e)   None of these
10). In a business, the profit percentage is 80% of the cost. If the cost further increases by 20% but the selling price remain the same, how much is the decrease in profit percentage?
a)   10%
b)   20%
c)   40%
d)   25%
e)   None of these


Answers with Explanations:
1). Answer: b)
Given Original Marked Price = Rs. 400
Let CP was = X.
Now, X + 33.33% of X = 400
100X + 33.33X = 400 *100
X = 40000 /133.33 = Rs. 300 (Aprox.)
Let initial Profit was y, So S.P. = 300 + y
New Profit = 2y and
New SP = (300 +y) + 16.66% of (300 +y) = (300 +y)*7/6
Now, 350 + 7y/6 -300 = 2y
5y/6 = 50
y = 60
Original Profit = Rs. 60
New Profit = 2y = Rs. 120
So, New SP = 300 + 120 = Rs. 420

2). Answer: a)
Let error = x gms.
Then, x / (1000 – x) × 100 = 6 18/47
100x / (1000 – x) = 300/47
4700x = 300000 – 300x
5000x = 300000
x = 60

3). Answer: d)
Let the manufacturing cost = 100
The MRP of the product is 55% above its manufacturing cost
The MRP of the product = 100 + 55% of 100 = 155.
The retailer sells the product after offering a discount of 10% on the MRP
 So, the retailer sells the product at 155 – 10% of 155 = 155 – 15.5 = 139.5
Let the purchase price for the retailer be x.
Therefore, the retailer sells the product at x + 23% of x = 123% of x.
Retailer sells the product at 139.5 = 123% of x
1.23x = 139.5
(or) x = 139.51.23139.51.23
Therefore, x = 113.4
The manufacturer sold the product at 113.4.
Cost to the manufacturer is 100.
So, profit made by the manufacturer is 13.4.
Rounded to the nearest integer, it is 13%

4). Answer: d)
Let cost price = x
Then, selling price =120x / 100
If he bought it at 20% less, cost price = 80x / 100 = 4x / 5
If he sold it for Rs. 75 less, selling price =120x / 100 − 75
New profit is 25%
4x / 5 × 125 / 100 = 120x / 100 – 75
x = 6x / 5 – 75
x / 5 = 75
x=375
Cost price =Rs.375

5). Answer: c)
Let us consider a packet of wheat marked 1 kg.
Its actual weight is 80% of 1000 gm = 800 gm.
Let C.P. of each gm be Re. 1.
Then, C.R of this packet = Rs. 800.
S.P. of this packet = 110% of C.P. of 1 kg
= Rs.(110 / 100 ∗1000)
= Rs. 1100.
∴ Gain% = (300 / 800 ∗ 100)%
 = 37.5%.

6). Answer: a)
Let C.P. be Rs. x.
Then, (106% of x) - (87 1/2% of x) = 51.80
18 1/2% of x = 51.80
 x = (51.80 ∗ 100 ∗ 2 / 37) = 280.

7). Answer: b)
Total S.P. = Rs. 2 lakh.
C.P. of house = Rs. (100 / 80 ∗1) lakh
= Rs. 5/4 lakh.
C.P. of shop = Rs. (100 / 120 ∗1) lakh
= Rs. 5/6 lakh.
Total C.P. = Rs.(5/4 + 5/6) lakh
= Rs. 25 / 12 lakh.
∴ Loss = Rs.(25 / 12 – 2) lakh
= Rs. 1 / 12 lakh.

8). Answer: c)
Let C.P. of whole be Rs. x.
C.P. of 1/2  stock = Rs. x / 2
C.P. of 1/4 stock = Rs. x / 4
Total S.P. = Rs.[(120% of x/2) + (80% of x/4) + x/4]
= Rs. (3x/5 + x/5 + x/4)
=Rs. 21x / 20.
Gain = Rs.(21x / 20 – x)
= Rs. x / 20
∴ Gain% = (x / 20 ∗ 1 / x ∗ 100)% = 5%.

9). Answer: c)
Let C.P. of chair be Rs. x. 
Then, C.P. of 90 chairs = Rs. 90x.
[(110% of 40x) + (120% of 50x)] - (115% of 90x) = 40
44x + 60x - 103.5x = 40
0.5x = 40  
x = 80

10). Answer: e)
Let us assume CP = Rs. 100.
Then Profit = Rs. 80 and selling price = Rs. 180.
The cost increases by 20%
New CP = Rs. 120, SP = Rs. 180.
Profit % = 60/120 * 100 = 50%.
Therefore, Profit decreases by 30%.


         


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