Successful performance in an aptitude test that includes Arithmetic Aptitude, Reasoning Ability and English Language is the starting point for those who wish to clear their bank exams.
The section on Quantitative Aptitude includes problems on Profit and Loss. The video presentation by Rohit Agarwal, a grand-master in transferring knowledge in the field of mathematics shows viewers quick and easy way to solve one such problem from Profit and Loss.
At the OutsetIn this video (we will come to that shortly) Rohit Agarwal begins by defining the basic content of the question type that will be faced by career builders. This, in a nutshell, is what he says, “In this type of profit and loss problem, either the selling price of the two articles or the cost price of the two articles will be the same and the profit percentage on one article will be same as the loss percentage on the other. Students will be required to work out the overall profit or loss on the transaction”.
An ExampleA shopkeeper bought two ceiling fans for Rs.800/- each. He sold one fan at a profit of 12% and the second fan at a loss of 12%. What was the overall profit or loss on the transaction? The video uses conventional methodology to arrive at the solution but at the end there is a welcome surprise for learners.
The conclusion contains an axiom through which viewers will derive immense benefit and long term value that goes far beyond mere quantitative aptitude tests for bank exams.
The SolutionThe video explains elaborately that a profit percentage of 12% translates to sale price equal to 112% of the cost price – that means the first fan has been sold for Rs. 896/- (112% of the cost price of Rs. 800). Similarly, loss percentage of 12% means that second fan has been sold at 88% of its cost price – that means, the second fan has been sold for Rs. 704/- (88% of the cost price of Rs. 800/-). The total selling price of two fans works out to Rs. 1,600/- (Rs. 896/- plus Rs. 704/-). Total cost price is given – Rs. 1,600/- (Rs. 800/- plus Rs. 800/-). The answer to the problem is that there is no profit, no loss on the transaction.
ConclusionWhenever you come across a problem in which cost price of two articles is same and profit percentage on one is equal to the loss percentage on the other, you do not need to solve the problem. The answer will always be – no profit, no loss. Remember that this axiom holds good only if the stated conditions are met. Otherwise, you have to work out the solution in the conventional manner.
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