Calculating Profit Percentage on Chair Sale
This solution explains how to find the profit percentage when an item is bought at one price and sold at a higher price. We will use the provided details: the cost price of the chair and the selling price.
Understanding the Terms
- Cost Price (CP): The price at which the chair was bought. Here, CP = ₹600.
- Selling Price (SP): The price at which the chair was sold. Here, SP = ₹750.
- Profit: The difference between the selling price and the cost price, indicating the gain made.
- Profit Percentage: The profit expressed as a percentage of the cost price.
Step-by-Step Calculation
1. Calculate the Profit Amount
First, we determine the actual profit made from the sale. The formula for profit is:
\text{Profit} = \text{Selling Price} - \text{Cost Price}
Substituting the given values:
\text{Profit} = ₹750 - ₹600
\text{Profit} = ₹150
So, the profit made is ₹150.
2. Calculate the Profit Percentage
Next, we calculate the profit percentage using the profit amount and the original cost price. The formula for profit percentage is:
\text{Profit Percentage} = \left( \frac{\text{Profit}}{\text{Cost Price}} \right) \times 100\%
Now, substitute the calculated profit and the given cost price:
\text{Profit Percentage} = \left( \frac{₹150}{₹600} \right) \times 100\%
Simplify the fraction:
\text{Profit Percentage} = \left( \frac{150}{600} \right) \times 100\%
\frac{150}{600} = \frac{1}{4}
Complete the calculation:
\text{Profit Percentage} = \frac{1}{4} \times 100\%
\text{Profit Percentage} = 25\%
Summary of Calculation
| Particular | Amount (₹) |
|---|---|
| Cost Price (CP) | 600 |
| Selling Price (SP) | 750 |
| Profit (SP - CP) | 150 |
| Profit Percentage ((Profit/CP) * 100) | 25% |
Therefore, the profit percentage on the sale of the chair is 25%.
Similar Questions
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Important Questions from Profit and Loss
Rohit buys 8 pens and 4 pencils for Rs. 2400. He sells pencils at a profit of 20 percent and pens at the loss of 10 percent. If his overall profit is Rs. 240, then what is the sum of the cost price of one pen and one pencil?
A man sells a car to his friend at the loss of 10 %; who in return sells it for Rs. 54000 making a profit of 20 %. What was the initial value of the car?
An article was sold at a loss of 24%. If it were sold for Rs. 1,596 more, then there would have been a gain of 18%, The cost price of the article is:
The cost price of an article is Rs.6,450. If it sold at a profit 16%, how much would be its selling price?
If the selling price of 7 articles is equal to the cost price of 6 articles, then what is the percentage loss?
