Question

Fill in the blanks to make the statement true: Devangi buys a chair for $₹700$ and sells it for $₹750$.

She earns a profit of _________ $\%$ in the transaction.

Answer 1

Calculate the profit on sale

Given, cost price (CP) $=₹700$

Sale price (SP) $=₹750$

We know that, $\mathrm{Profit}\left(\mathrm{P}\right)=\mathrm{Sale}\mathrm{price}-\mathrm{Cost}\mathrm{price}$, so

$$\begin{gathered} \Rightarrow P=SP-CP \\ \Rightarrow P=750-700 \\ \Rightarrow P=₹50 \end{gathered}$$

So, the profit percentage will be $\frac{\mathrm{Profit}}{\mathrm{CP}}\times 100$

$$\begin{gathered} \Rightarrow \mathrm{Profit}\mathrm{percentage}=\frac{50}{700}\times 100 \\ \Rightarrow \mathrm{Profit}\mathrm{percentage}=\frac{50}{7}\% \\ \Rightarrow \mathrm{Profit}\mathrm{percentage}=7\frac{1}{7}\% \end{gathered}$$

Therefore, the profit percentage is $7\frac{1}{7}\%$