The profit obtained when 60 chairs are sold is equal to the cost price of 45 chairs. What is the profit percentage obtained when 21 chairs are given free with the sale of 77 chairs? (With explanation)
Answers
Given : The profit obtained when 60 chairs are sold is equal to the cost price of 45 chairs.
To Find : profit percentage obtained when 21 chairs are given free with the sale of 77 chairs?
Solution:
Let say cost price of a chair = C
Selling price of chair = S
Cost price of 60 chairs == 60C
Selling price of 60 chairs = 60S
Profit = 60S - 60C
Profit is equal to the cost price of 45 chairs. = 45C
Equating
60S - 60C = 45C
=> 60S = 105C
=> 12S = 21C
=> 4S = 7C
=> S = 7C/4
21 chairs are given free with the sale of 77 chairs
=> Total chairs given = 77 + 21 = 98
Cost Price = 98C
Selling Price = 77S = 77 (7C/4) = 539C/4
Profit = 539C/4 - 98C
= (147C/4)
Profit % = 100 * (147C/4)/98C
= 25 * 3/ 2
= 75/2
= 37.5 %
profit percentage obtained when 21 chairs are given free with the sale of 77 chairs = 37.5 %
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