Question

Andy purchased 120pencils at the rate of$2 per pencil the sold 72of them at the rate of $2.5per pencil and the remainingeat the rate of $2 per pencilFind his profit or loss percent.

Answer 1

15% profit

Explanation:

His cost: 120 pencils x $2/pencil = $240

What he earned from sales: (72 pencils x $2.50/pencil) + [(120 - 72 pencils) x $2.00/pencil)] =$276

His profit: $276 - $240 = $36

% profit = x

240x = 36

x = 36/240 = 0.15 = 15%