Question

Mr. Rex bought 60 chairs at Rs. 960 each. For packing & transportation of the chairs, he spent Rs. 6,000. If he
marked each chair at Rs. 1,500 and allowed a discount of 10%, then what was the approximate profit percent eamed
by Mr. Rex after selling all the chairs?​

Answer 1

Step-by-step explanation:

Given:-

Mr. Rex bought 60 chairs at Rs. 960 each. For packing & transportation of the chairs, he spent Rs. 6,000. And he marked each chair at Rs. 1,500 and allowed a discount of 10%.

To find:-

What was the approximate profit percent eamed

by Mr. Rex after selling all the chairs?

Solution:-

Given that

Cost price of one chair = Rs. 960

Number of chairs bought = 60

Total cost price of 60 chairs =

= 60×960

= Rs. 57600

Spending money for packing & transportation of the chairs = Rs. 6000

Total cost price of all chairs

= 57600+6000

= Rs. 63600

So, Total cost price of each chair

= 63600/60

=> 6360/6

=> 1060

Cost price of each Chair = Rs. 1060

Given Marked Price on each chair = Rs. 1500

Given discount = 10% of the marked price

=> Discount = 1500×10%

=> Discount = 1500×(10/100)

=> Discount = 1500/10

Discount = Rs. 150

So after allowing 10% discount then the selling price of each chair

=> Marked price-Discount

=1500 -150

=> Rs. 1350

Selling Price = Rs. 1350

Cost Price = Rs. 1060

Selling Price > Cos Price

Profit = Selling Price-Cost Price

=> Profit = 1350-1060

=> Profit = Rs. 290

Profit on each chair = Rs. 290

Profit Percentage = (Profit/Cost Price)×100

=> P% = (290/1060)×100

=>P% = (290×100)/1060

=> P% = 29000/1060

=> P% = 2900/106

=> P% = 1450/53

=> P% = 27.36% (approximately)

Mr. Rex will get 27.36% profit Percentage on each chair.

The profit on all chairs = 60×290

= Rs. 17400

Profit Percentage = (17400/63600)×100

=> 1740000/63600

=> 17400/637

=> 23.11%(approximately)

Answer:-

The approximate profit percent earn ed

by Mr. Rex after selling all the chairs is 23.11%

Used formulae:-

• Profit = Selling Price-Cost Price
• Profit Percentage = (Profit/Cost Price)×100
• Discount is always calculated on the Marked Price.
• Profit or Loss is always calculated on the Cost Price

Answer 2

Answer:

The profit percent is approximately 27.3%.

Step-by-step explanation:

According to the question,

The cost of one chair = Rs.960

Then the cost of 60 chairs = 960 × 60

                                            = Rs.57600

Charges for the packing and the transportation of chairs = Rs.6000

Then total amount he paid for 60 chairs = 57600 + 6000

                                                                    = Rs.63600

Mr. Rex marked selling price of each chair = Rs.1500

Selling price after 10% discount of each chair = 1500 - 10% of 1500

                                                                            = 1500 - 150

                                                                            = Rs.1350

Selling price of 60 chairs = 1350 × 60

                                           = Rs.81000

Profit = selling price of 60 chairs - total amount he paid for 60 chairs

          = 81000 - 63600

          = Rs.17400

Now,

Profit percent earned by Mr. Rex = $\frac{Profit}{Cost\ price} \times 100$

                                                        = $\frac{17400}{63600} \times 100$

                                                        = 27.3% (Approx.)

Therefore, the profit percent is approximately 27.3%.

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