Question 12

One Trader calculates the percentage of profit on the buying price and another calculates on the selling price. When their selling prices are same, then the difference of their actual profit is Rs 85 and both claim to have made 20% profit. What is the selling price for each?

Solution

One Trader calculates the percentage of profit on the buying price and another calculates on the selling price.

Let the Selling Price (same for both) = X

For First Trader, we will calculate it on CP.

If CP = C

20% profit means

X = C + 0.2C = 1.2C

Therefore, C = $$\dfrac{X}{1.2}$$

Thus, the actual profit for the first trader

Actual profit = $$X-\dfrac{X}{1.2}$$ = $$\dfrac{X}{6}$$

Similarly, we calculate for the second trader, but on SP.

20% profit on SP means:

Profit = 0.2X

If CP = K

X−K=0.2X

K = 0.8X

Therefore, the actual profit = X - 0.8X = 0.2X

We know that the difference in profits = 85

$$0.2X-\dfrac{X}{6}$$ = $$\dfrac{0.2X}{6}=85$$

0.2X = 85*6 = 510

Therefore, X = 510*5 = 2550

Thus, the selling price is Rs 2550.

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