PROFIT AND LOSS EXAMPLE PROBLEMS WITH ANSWERS

Example 1 :

A shop purchased some tennis rackets at $150 each. It then sold them at $175 each. When the shop was left with 8 rackets, the proceeds had covered the initial total cost price plus profit of $525. How many tennis rackets did the shop purchased at first ?

Solution :

By selling 8 rackets the shops earns with profit 

   =  8(175) + 525

  =  1400 + 525

  =  1925

Cost price of 1 racket  =  150

Selling price of 1 racket  =  175

Profit  =  175 - 150

  =  25

Number of rackets  =  Total profit earned / profit earned in one

=  1925/25

Number of rackets earned  =  77

Example 2 :

When a plot is sold for $18700, the owner loses 15%. At what price must the plot be sold in order to gain 15% ?

Solution :

Selling price of the plot  =  $18700

Let x be the cost price

x - 15% of x  =  18700

85% of x  =  18700

x  =  18700/0.85

x  =  22000

To get the profit of 15% profit, we should find 115% of cost price.

  =  115% of 22000

  =  1.15(22000)

  =  25300

Hence the required selling price is 25300.

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