Question : The cost price of an article is $15 and the sale price is $20, then find the profit and profit percent.
Correct Answer $5 and 33 1/3% or 33.333%
Solution & Explanation
Solution
Given, Cost price (CP) = $15
Sale price (SP) = $20
Therefore, profit and profit % = ?
Calculation of profit, when cost price and sale price is known
Profit = Sale Price – Cost Price
∴ Profit = $20 – $15
⇒ Profit = $5
Calculation of profit% using formula, when profit and cost price is known
Profit% = Profit × 100/Cost price
Here, profit = $5
And, Cost Price = $15
∴ Profit% = 5 × 100/15 3
= 100/3 %
⇒ Profit = 33 1/3% or 33.333%
Therefore, Profit = $5 and Profit% = 33 1/3% or 33.333% Answer
Calculation of profit% using Unitary Method, when profit and cost price is known
Here, profit = $5
And, Cost Price = $15
∵ In $15, profit = $5
∴ In $1, profit = 5/15
∴ In $100, profit = 5/15 × 100
5 × 100/15 3
= 100/3 %
⇒ Profit = 33 1/3% or 33.333%
Therefore, Profit = $5 and Profit% = 33 1/3% or 33.333% Answer
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