A car mechanic purchased four old cars for Rs. 1 lakh. He spent a total 2 lakh in the maintenance and repairing of these four cars. What is the average sale price of the other three cars to get 50 % total profit if he has already sold one of the four cars at Rs.1.2 lakh?

Question

A car mechanic purchased four old cars for Rs. 1 lakh. He spent a total 2 lakh in the maintenance and repairing of these four cars. What is the average sale price of the other three cars to get 50 % total profit if he has already sold one of the four cars at Rs.1.2 lakh?

Vedantu Content Team · Accepted Answer

Hint – The total cost price of the cars will be Rs. 1 lakh plus the Rs. 2 lakhs spent in the maintenance and repairing of these 4 cars. The find the Selling price of the 4 cars using the formula, $SP = \dfrac{{(100 + P\% )}}{{100}} \times CP$, where CP is the cost price of the 4 cars and P is the profit %.

Complete step-by-step answer:
Given in the question that a car mechanic purchased 4 old cars for Rs. 1 lakh.
Amount spent on maintenance and repairing of these 4 cars is Rs. 2 lakhs.
Now, total cost price = Rs. 1 lakh + Rs. 2 lakhs spent on maintenance.
Therefore, CP = 1 + 2 = Rs. 3 lakhs.
Now using the formula, $SP = \dfrac{{(100 + P\% )}}{{100}} \times CP$ , where SP is the Selling Price, CP is the Cost Price and P is the profit %.
As given, we have to find the average sale price so that he will get 50% of profit.
So, putting CP = 3 lakhs and P% = 50%, we get-
$
SP = \dfrac{{(100 + P\% )}}{{100}} \times CP \\
= \dfrac{{(100 + 50)}}{{100}} \times 3 = \dfrac{{150}}{{100}} \times 3 = 3 \times 1.5 = 4.5 \\
$
So, the selling price of 4 cars to get 50% profit is 4.5 lakhs.
Now, given that the SP of one car is 1.2 lakhs.
Therefore, SP of rest 3 cars = 4.5 – 1.2 = 3.3 lakhs
To find the average SP of all 3 cars, we use the formula (SP of 3 cars)/3.
Therefore, Average SP of all 3 cars $ = \dfrac{{3.3}}{3} = 1.1$ .
Hence, the average SP of all 3 cars to get 50% profit is Rs. 1.1 lakhs.

Note – While solving such types of questions, always write down the things given in the question. Then find the total cost price. After, we get the Cost Price (CP), find the Selling Price (SP), which will be the SP of all 4 cars. Then subtract the SP of one car from the SP of 4 cars to get the SP of the other 3 cars and then find the average SP of all 3 cars.