Question

A woman bought 20 baskets of tomatoes at #600 each but 3 baskets were stolen. She sold the remaining baskets at #750 
a) did she sell at profit or loss 
b) find the percentage profit or loss 

2) John sold his house to Peter at 18% profit. Peter sold to Emeka at 15% profit. So the amount Emeka paid for the house is #450,000 more than what John paid for it 
a) find Johns cost price 
b) mr Peters cost price

 

 

Answer 1

1) Cost  of  1 basket of tomatoes = #600.

Cost of 20 baskets of tomatoes = 600*20 = #12000.

Selling Price for 1 basket of tomatoes = #750.

Selling Price for 17 baskets of tomatoes = #750*17 = #12750.

a) Profit = S.P - C.P = 12750 - 12000 = #750.

Therefore she sells at profit of #750.

b) Profit Percentage = Profit / C.P * 100

                                 = 750/12000 * 100

                                 = 0.0625 * 100

                                 = 6.25%

Therefore percentage of profit is 6.25.

2) a) Let the cost price of John be x.

Cost price of Peter = John's C.P + 18% of Jhon's C.P = x + 0.18x = 1.18x.

Cost price of Emeka = Peter's C.P + 15% of Peter's C.P = 1.18x + 0.15(1.18x )

Emeka paid #450,000 more than John paid.

x + 450000 = 1.18x + 0.15(1.18x )

x + 450000 = 1.18x + 0.177x

x + 450000 = 1.357x

450000 = 1.357x - x

450000 = 0.357x

x = 450000 / 0.357

x = 1260504

Therefore cost price of Jhon = # 1,260,504.

b) Cost price of Peter = 1.18x.

= 1.18 * 1260504

= # 1487394

Therefore cost price of Peter = # 1,487,394.