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### MEAP Preparation - Grade 7 Mathematics1.115 Profit and Loss Word Problems - II

 Directions: Answer the following qustions. Also write at least five examples of your own.
 Q 1: A rice merchant purchased 50 bags of rice at \$300 per bag. He spent \$500 towards transportation. Due to lack of demand for rice, he incurred a loss of 30%. At what price did he sell each bag of rice?\$238\$317\$217\$295 Q 2: A trader purchased 5000 coconuts, at \$110 per 100 coconuts. 10% of the coconuts were damaged during transportation. He spent \$575 for the transportation. If he gained 40% profit, at what price did he sell them?\$1.89 each\$2.00 each\$3.15 each\$1.50 each Q 3: A mechanic purchased two motor bikes for \$7,500 and \$6,000 respectively. He sold the first one for a profit of 15% and the second bike for a loss of 20%. How much did he lose or gain on both the transactions together?\$75 loss\$75 profit\$60 loss\$80 profit Q 4: Bobby purchased pens at the rate of \$42 per dozen. If he earned a profit of 14 2/7% by selling them on eBay. What was his selling price per dozen?\$50\$48\$52\$46 Q 5: Linda sold two books at \$15 each on eBay -- profit on one was 25% and loss on the other was 25%. How much did she gain or lose overall?5 3/4% loss6 1/4% gainno profit or loss6 1/4% loss Q 6: Peter purchased a cow for \$2,250. If he wants to gain 25%, what should be his selling price?\$2,875.25\$2,585.50\$2,812.50\$3000.00 Q 7: A fruit vendor purchased four branches of bananas consisting of 540 fruits in all for \$168.75. He sold 15 dozens at 2 bananas a dollar, another 15 dozens at 3 bananas a dollar and the remaining at 5 bananas a dollar. Find his loss or gain percentage.13 1/4% profit13 1/4% loss10 2/9% loss10 2/9% profit Q 8: A trader purchased 1,000 books at the rate of \$5.40 per book and spent \$200 towards transportation. If he wants to earn a profit of 12 1/2%, at what price should he sell each book?\$6.30\$7.60\$8.45\$5.50 Question 9: This question is available to subscribers only! Question 10: This question is available to subscribers only!