FIND PROFIT PERCENT WHEN COST PRICE AND SELLING PRICE IS GIVEN
Find Profit Percent When Cost Price and Selling Price is Given :
In this section, we will see how to find profit or loss percent when cost price and selling prices are given.
Meaning of cost price :
The price at which an article is purchased, is called its cost price.
Meaning of selling price :
The price at which an article is sold, is called the selling price.
What is profit ?
If the selling price is greater than cost price, the seller is said to have a profit.
What is loss ?
If the cost price is greater than selling price, the seller is said to have a loss.
Formulas Used to Find Profit and Loss Percent
Profit (or) gain - Selling price - Cost price
Loss = Cost price - Selling price
Profit % = (Profit / Cost price) ⋅ 100
Loss % = (Loss / Cost price) ⋅ 100
Example Problems on Finding Profit and Loss Percent
Example 1 :
A shop keeper sold an article for $2090.42. Approximately, what will be the percentage of profit if he sold an article for $2602.58 ?
Solution :
A shop keeper sold an article for $2090.42
From this, we should find the profit percent if it has been sold for $2602.58. So, we should consider the given (2090.42) as cost price.
Now,
Cost price = 2090.42
Selling price = 2602.58
Profit = Selling price - Cost price
Profit = 2602.58 - 2090.42
Profit = 512.16
Profit % = (Profit / Cost price) ⋅ 100
= (512.16/2090.42) ⋅ 100
= 24.5% (approximately) 25%
Hence the required profit percent is 25%.
Example 2 :
Alfred buys a car for $4700 and spends $800 on its repairs. If he sells the car for $5800, his gain percent is :
Solution :
Cost price of car = $4700
Amount spent for its repair = $800
Total cost price = 4700 + 800
= 5500
Selling price of car = $5800
Selling price > Cost price
Profit = Selling price - Cost price
= 5800 - 5500
= 300
Profit % = (Profit / Cost price) ⋅ 100
= (300/5500) ⋅ 100
= 5.45%
Example 3 :
Sam purchased 20 dozens of toys at the rate of $375 per dozen. He sold each one of them at the rate of $33. What was his percentage profit.
Solution :
Cost of 1 dozen of toy = $375
Cost of 20 dozen of toys = 20 (375)
Cost of 20 dozen of toys = 7500
1 dozen contains 12 item. So, 20 dozen will contain
= 20 x 12
= 240 toys
Selling price of 1 toy = $33
Selling price of 240 toys = 240 (33)
= 7920
Selling price > Cost price
Profit % = [(7920 - 7500)/7500] ⋅ 100
= (420/7500) ⋅ 100
= 5.65%
After having gone through the stuff given above, we hope that the students would have learned how to calculate profit or loss percent.
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