The cost price of an article is Rs. 2800. Profit as a percentage of selling price is 20 percent. What is the actual profit (in Rs.) ?
Rs. 700
Given:
Cost price is 2800 rupees
Profit as a percentage of selling price is 20%
Used formula:
Profit = (Selling Price - Cost Price)
Profit% according to Selling Price = (Profit/Selling Price) × 100
Where, S.P. = Selling Price, C.P. = Cost Price
Calculation:
Here, Cost price = 2800 rupees, Selling price as P% = 20
As per the question,
Profit as a percentage of Selling Price = (Profit/Selling Price) × 100
⇒ 20 = ( Profit/ Selling Price) × 100
⇒ 20 = ( Selling Price - 2800)/Selling Price× 100 [ Profit = Selling Price - Cost Price]
⇒ 20 Selling Price = 100 Selling Price - 280000
⇒280000 = 80 Selling Price
⇒ Selling Price = 3500 rupees
Now,
Actual Profit = (Selling Price - Cost Price) = (3500 - 2800) rupees = 700 rupees
Therefore, the actual profit is 700 rupees.
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