Sukrit purchased an item for ₹650 and sold it at a profit of 26%. At what price (in ₹) did Sukrit sell the item?
Understanding the Item Purchase and Sale
This problem asks us to find the final selling price of an item. We are given the initial purchase price (also called the cost price) and the percentage of profit made when the item was sold.
- Cost Price (CP): ₹650
- Profit Percentage: 26%
Calculating the Profit Amount
Profit is the extra amount earned on top of the cost price. To find the actual profit amount in rupees, we calculate 26% of the cost price (₹650).
The formula to calculate profit amount is:
$$ \text{Profit Amount} = \text{Cost Price} \times \frac{\text{Profit Percentage}}{100} $$
Plugging in the values:
$$ \text{Profit Amount} = 650 \times \frac{26}{100} $$
$$ \text{Profit Amount} = 650 \times 0.26 $$
Let's calculate this:
$$ \text{Profit Amount} = 169 $$
So, Sukrit made a profit of ₹169.
Determining the Selling Price
The selling price is the price at which the item was sold. It is calculated by adding the profit amount to the original cost price.
The formula for the selling price is:
$$ \text{Selling Price (SP)} = \text{Cost Price (CP)} + \text{Profit Amount} $$
Using the values we have:
$$ \text{SP} = 650 + 169 $$
$$ \text{SP} = 819 $$
Therefore, Sukrit sold the item for ₹819.
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Important Questions from Profit and Loss
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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?
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
What will be cost price of an item which when sold at the profit of 5% and at the loss of 5% the difference of selling prices be Rs. 60?
