Question

A vendor purchases 12 binder clips for rs.60.How many clips must he sell for rs.60 for him to make a profit of 20%?

Answer 1

Find the cost price of the 1 clip:

12 clips = Rs 60

1 clip = 60 ÷ 12 = Rs 5

Find the profit of 1 clip:

20% profit = 0.2 x 5 = Rs 1

Find the selling price of 1 clip:

Selling Price = Cost Price + Profit

Selling Price = 5 + 1 = Rs 6

Find the number of clips to sell for Rs 60:

Number of clips = 60 ÷ 6 = 10

Answer: The vendor needs to sell 10 clips for the price of Rs 60