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Question

A vendor sells oranges at ₹44 each and incurs a loss of 78%. If he wants to make a profit of 78%, at what price (in ₹) should he sell each orange?

The correct answer is
356

This question asks us to determine the new selling price for an orange if the vendor wants to achieve a 78% profit, given that the current selling price of ₹44 results in a 78% loss.

Calculating the Cost Price (CP) of the Orange

First, we need to find the original cost price (CP) of the orange. The vendor sells the orange for ₹44, incurring a loss of 78%. This means the selling price (SP1) represents the remaining percentage of the cost price after the loss.

  • Loss percentage = $78\%$
  • The selling price is $(100 - 78)\% = 22\%$ of the cost price.
  • Current Selling Price (SP1) = $₹44$

We can set up the equation:

SP1 = CP $\times$ $\frac{100 - \text{Loss}\%}{100}$

Substituting the values:

$₹44 = \text{CP} \times \frac{100 - 78}{100}$

$₹44 = \text{CP} \times \frac{22}{100}$

Now, we solve for CP:

$\text{CP} = \frac{₹44 \times 100}{22}$

$\text{CP} = ₹2 \times 100$

$\text{CP} = ₹200$

So, the cost price of each orange is ₹200.

Calculating the New Selling Price (SP2) for a 78% Profit

Next, we need to calculate the selling price (SP2) required to make a profit of 78%. A profit of 78% means the selling price will be the cost price plus 78% of the cost price.

  • Cost Price (CP) = $₹200$
  • Desired Profit percentage = $78\%$

The formula for the new selling price is:

SP2 = CP $\times$ $\frac{100 + \text{Profit}\%}{100}$

Substituting the values:

$\text{SP2} = ₹200 \times \frac{100 + 78}{100}$

$\text{SP2} = ₹200 \times \frac{178}{100}$

$\text{SP2} = ₹2 \times 178$

$\text{SP2} = ₹356$

Therefore, the vendor should sell each orange for ₹356 to make a profit of 78%.

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Important Questions from Profit and Loss

  1. By selling an article for Rs. 2,200, a profit of 10% is earned. If the same article is sold for Rs. 2,600, then what will be the gain percentage?

  2. By selling an article for Rs. 640, a person loses 15% of its selling price. At what price (in Rs.) should he sell it to gain 15% on its cost price?

  3. The selling prices of articles A and B are the same. A is sold at a profit of 28 percent and B is sold at a loss of 24 percent. If the total selling price of the both articles is Rs. 48640, then what is the cost price of A and B, respectively ?

  4. The cost price of an article is Rs. 2800. Profit as a percentage of selling price is 20 percent. What is the actual profit (in Rs.) ?

  5. A trader bought 640 kg of rice. He sold a part of rice at 20% profit and the rest at 5% loss. He earned a profit of 15% in the entire transaction. What is the quantity (in kg) of rice that he sold at 5% loss?

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