Calculating Percentage Gain on Article Sale
To find the percentage gain, we first need to determine the actual gain amount and then express it as a percentage of the original cost price.
Step 1: Calculate the Gain Amount
- Selling Price (SP) = ₹550
- Cost Price (CP) = ₹500
- Gain = SP - CP
- Gain = ₹550 - ₹500 = ₹50
Step 2: Calculate the Percentage Gain
The formula for percentage gain is:
Percentage Gain = $ \frac{\text{Gain}}{\text{Cost Price}} \times 100 $
Substitute the values:
Percentage Gain = $ \frac{50}{500} \times 100 $
Percentage Gain = $ \frac{1}{10} \times 100 $
Percentage Gain = $ 10\% $
Therefore, the vendor made a 10% gain on the article.
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?
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?
An article when sold at a gain of 5%, yields Rs. 15 more than when sold at a loss of 5%. The cost price will be
