Shyam bought a chair for ₹1,563 and spent ₹350 on its repairing. He sold it for ₹2,398. Find his profit percentage (correct to two places of decimals).
Understanding the Chair Transaction Details
The problem asks us to calculate the profit percentage Shyam made on a chair he bought, repaired, and then sold. We are given the initial cost price, the cost of repairs, and the final selling price.
- Initial Cost Price (CP) of the chair = $1,563
- Cost of Repairing = $350
- Selling Price (SP) of the chair = $2,398
Calculating Total Cost Price
To find the profit, we first need to determine the total cost incurred by Shyam. This includes the original price of the chair plus the amount spent on repairs.
Step 1: Calculate the Total Cost Price (Total CP)
Total CP = Initial CP + Repairing Cost
Total CP = $1,563 + $350
Total CP = $1,913
Determining the Profit Made
Now that we have the total cost price, we can calculate the actual profit Shyam made by subtracting the total cost price from the selling price.
Step 2: Calculate the Profit
Profit = Selling Price (SP) - Total Cost Price (Total CP)
Profit = $2,398 - $1,913
Profit = $485
Calculating Profit Percentage
The final step is to calculate the profit percentage. The profit percentage is calculated based on the total cost price.
Step 3: Calculate the Profit Percentage
Profit Percentage = $\frac{\text{Profit}}{\text{Total Cost Price}} \times 100$
Profit Percentage = $\frac{$485}{$1,913} \times 100$
Profit Percentage $\approx 0.253528 \times 100$
Profit Percentage $\approx 25.3528\%$
The question asks for the profit percentage correct to two decimal places. Rounding the calculated percentage:
Profit Percentage $\approx 25.35\%$
Therefore, Shyam's profit percentage is 25.35%.
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The cost price of an article is Rs.6,450. If it sold at a profit 16%, how much would be its selling price?
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