Question : The cost price of an article is $12, and the sale price is $15. Find the profit and profit percent.
Correct Answer $3 and 25%
Solution & Explanation
Solution
Given, Cost price (CP) = $12
Sale price (SP) = $15
Therefore, profit and profit % = ?
Calculation of profit, when cost price and sale price is known
Profit = Sale Price – Cost Price
∴ Profit = $15 – $12
⇒ Profit = $3
Calculation of profit% using formula, when profit and cost price is known
Profit% = Profit × 100/Cost price
Here, profit = $3
And, Cost Price = $12
∴ Profit% = 3 × 100 25/12 4
⇒ Profit = 25%
Therefore, Profit = $3 and Profit% = 25% Answer
Calculation of profit% using Unitary Method, when profit and cost price is known
Here, profit = $3
And, Cost Price = $12
∵ In $12, profit = $3
∴ In $1, profit = 3/12
∴ In $100, profit = 3/12 × 100
= 3 × 100/12
= 300/12
= 25%
Therefore, profit = 25%
Therefore, Profit = $3 and Profit% = 25% Answer
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