doomedcat wrote:
A Shopkeeper bought few oranges at 4 per dollar and an equal number of oranges, of a different quality, at 6 per dollar. If he sold the mix of the two qualities at a dozen per 3 dollars, what was his percentage profit on the investment?A) 10%B) 15%C) 16.67%D) 20%E) 25%Source :
Experts Global Assign values. Use LCM of 3, 4 and 6. Cost and revenue will be in round numbers.
Let the # of oranges bought = 12 of each kind
Shopkeeper's costCost of pricier oranges:
He bought 12 oranges at 4 oranges per $1
\(\frac{12}{4}=(3*$1)=$3\) spent
Cost of cheaper oranges:
12 oranges bought at 6 oranges per $1
\(\frac{12}{6}=(2*1$)=$2\) spent
Total cost:
\($5\)Total oranges bought:
\((12+12)=24\)RevenueHe sells 24 oranges at a dozen (12) per $3
\(\frac{24}{12}=(2*$3)=$6\) in revenue
Profit = (TR - TC) = ($6 - $5) = $1
What percent profit on investment?
\((\frac{1$}{5$}*100)=(0.20*100)=20\) percent
Answer D
*Example of full equation, F = fruit (oranges)
Revenue: \(\frac{24F}{(\frac{12F}{$3})}=(24F*\frac{$3}{12F})=(2*$3)=$6\)
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