Select the correct answerA man purchases some oranges at the rate of 3 oranges for Rs.40 and the same quantity at 5 oranges for Rs.60. If he sells all the oranges at the rate of 3 for Rs.50, find his gain or loss percent (to the nearest integer)?
Question
Select the correct answerA man purchases some oranges at the rate of 3 oranges for Rs.40 and the same quantity at 5 oranges for Rs.60. If he sells all the oranges at the rate of 3 for Rs.50, find his gain or loss percent (to the nearest integer)?
Solution
Sure, let's solve this step by step.
Step 1: Calculate the cost price of the oranges
The man buys oranges at two different rates:
- 3 oranges for Rs.40, so the cost of one orange is Rs.40/3 = Rs.13.33 (approximately)
- 5 oranges for Rs.60, so the cost of one orange is Rs.60/5 = Rs.12
The average cost price per orange is (Rs.13.33 + Rs.12)/2 = Rs.12.67 (approximately)
Step 2: Calculate the selling price of the oranges
The man sells all the oranges at the rate of 3 for Rs.50, so the selling price of one orange is Rs.50/3 = Rs.16.67 (approximately)
Step 3: Calculate the gain or loss percent
The formula to calculate the gain or loss percent is:
Gain or Loss percent = ((Selling Price - Cost Price) / Cost Price) * 100
Substituting the values we have:
Gain percent = ((Rs.16.67 - Rs.12.67) / Rs.12.67) * 100 = 31.5% (approximately)
So, the man makes a gain of approximately 31% on selling the oranges.
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