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Maths (Primary Classes)

Profit or loss percent is expressed as a percentage of the cost price

EXAMPLE 1

An article bought for $3,000 was sold for $3,300. Find the profit percent

Solution

Cost price = $3,000

Selling price = $3,300

Profit = $3300 – $3,000 = $300

 

Profit % = Profit     x 100

Cost price    1

 

               = 300     x   100

3000          1

= 300 x 1 = 300 = 10%

30 x 1       30

 

EXAMPLE 2

A book bought for $25,000 was sold for $22,000. What is the loss percent?

Solution

Cost price =$25,000

Selling price= $22,000

Loss = $25,000 – $22,000 = $3,000

 

Loss % =loss           x 100

Cost price      1

=3000   x  100  = 12%  

25000       1

 

EXERCISE

Cost price Selling price Profit % Loss%
1. $1,300 $1,365
1. $33,555 $32,446
2. $56,000 $59,540
3. $100,680 $99,960

 

See also

SIMPLE INTERREST

MONEY: PROFIT AND LOSS

SIMPLE PROBLEMS ON PERCENTAGES

RATIO AND PERCENTAGE

PROFIT AND LOSS

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