Question

I buy a T.V. for $₹10,000$ and sell it at a profit of $20\%$. How much money do I get for it?

Answer 1

Step 1: State the given data and calculate the profit

It is given that, the cost price$=₹10,000$

And, the profit percentage$=20\%$

Then, the profit amount can be calculated as follows,

Profit $=20\%$ of cost price

$\Rightarrow$ Profit $=20\%$ of $10000$

$\Rightarrow$ Profit $=\frac{20}{100}$ of $10000$ $\left[\because P\%=\frac{P}{100}\right]$

$\Rightarrow$ Profit $=\frac{20}{100}\times 10000$

$\Rightarrow$ Profit $=\frac{20}{1}\times 100$

$\Rightarrow$ Profit $=₹2000$

Step 2: Calculate the selling price

As we know, in the case of profit,

Selling price $=$ cost price $+$ profit

The amount for which the TV is sold, i.e., the selling price of the TV can be calculated using the above formula.

So, the selling price of the TV $=10000+2000$

$\Rightarrow$ the selling price of the TV $=₹12000$

Hence, one gets $₹12,000$ on selling the TV at a profit of $20\%$.