Profit and Loss Practice Test 1

Question : 36 of 40

Marks: +1, -0

A merchant earns a profit of 20% by selling a basket containing 80 apples, which costs Rs 240. But he gives one-fourth of it to his friend at the cost price and sells the remaining apples. In order to earn the same profit, at what price must he sell each apple?

Rs 3.00
Rs 3.60
Rs 3.80
Rs 4.80

Validate

Solution:

Cost price of 80 apples = Rs 240
Cost price of 1 apple

= 240/80=3

SP of 80 apples

=240+{20×240}/100=288

SP of 1 apple

=288/80=3.6

Cost of

1/4

of apples sold at cost price

=1/4×80=20

Sale price of 20 apples = 20 × 3 = Rs 60
Same profit earned by the sale of 60 apples = 288 - 60 = Rs 288
SP of 60 apples = Rs 228
SP of 1 apple

= 228/60=3.80

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