A man buys a machine for Rs.5,000. After one year, he sells it for Rs.6000. After two years, again he buys the same machine at Rs.8,000 and sells it for Rs.10,000. Find his overall profit percentage for both the transactions.
This questions was previously asked in
SSC CGL Tier II Paper 1 (02.03.2023)
Explanation:
Let's break down the transactions to find the overall profit percentage:
- First Transaction:
- Buying Price = Rs. 5,000
- Selling Price = Rs. 6,000
- Profit = Rs. 6,000 - Rs. 5,000 = Rs. 1,000
- Second Transaction:
- Buying Price = Rs. 8,000
- Selling Price = Rs. 10,000
- Profit = Rs. 10,000 - Rs. 8,000 = Rs. 2,000
- Overall Profit:
- Total Buying Price = Rs. 5,000 + Rs. 8,000 = Rs. 13,000
- Total Selling Price = Rs. 6,000 + Rs. 10,000 = Rs. 16,000
- Total Profit = Rs. 16,000 - Rs. 13,000 = Rs. 3,000
- Profit Percentage:
- Profit Percentage = (Total Profit / Total Buying Price) × 100
- = (Rs. 3,000 / Rs. 13,000) × 100 ˜ 23.08%
- Correct Answer:
- Option 2: 23.08%
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By: Parvesh Mehta