Question

Find the gain or loss percentage when a chair which costs Rs $400$ is sold for Rs $420$.

Answer 1

Given;

Cost price $=₨400$

Selling price $=₨420$

Since, $\mathrm{S}.\mathrm{P}.>\mathrm{C}.\mathrm{P}$, it will be a profit

So, Profit = Selling price $-$ Cost price

Profit $=420-400=₨20$

Now,

Profit $\%$ $=\frac{\mathrm{Profit}}{\mathrm{C}.\mathrm{P}.}\times 100$

$$\begin{gathered} =\frac{20}{400}\times 100 \\ =\frac{20}{4} \\ =5\% \end{gathered}$$

Hence, the profit is $5\%$.