A shopkeeper sells pencils at a price such that the selling price of 3 pencils is equal to the cost of 5 pencils.

A shopkeeper sells pencils at a price such that the selling price of 3 pencils is equal to the cost of 5 pencils.

Question 1.

A shopkeeper sells pencils at a price such that the selling price of 3 pencils is equal to the cost of 5 pencils. Does he make a profit or a loss? What is his profit or loss percentage? Class 8

Solution:

Let C.P. of 1 pencil is ₹ 1.

So, C.P. of 5 pencils = ₹ 5.

Thus, S.P. of 3 pencils = ₹ 5.

and S.P. of 3 pencils is ₹ 3.

So, profit on ₹ 3 = ₹ 5 - ₹ 3 = ₹ 2.

So, profit % = [latex]\frac{2}{3}[/latex] × 100% = [latex]\frac{200}{3}[/latex] % = 66[latex]\frac{2}{3}[/latex] ×%.

Question 2.

The bus fares were increased by 3% last year and by 4% this year. What is the overall percentage price increase in the last 2 years? Class 8

Solution:

Let initial price = ₹ 100.

So, price after two years

= 100 [latex]\left(1+\frac{3}{100}\right)\left(1+\frac{4}{100}\right)[/latex]

= 100 × [latex]\frac{103}{100} \times \frac{104}{100}[/latex]

= [latex]\frac{103 \times 104}{100}[/latex]

So, increase = [latex]\frac{103 \times 104}{100}[/latex] - 100

= [latex]\frac{103 \times 104-100 \times 100}{100}[/latex] = [latex]\frac{712}{100}[/latex]

= 7.12%