Formulas of profit and loss are given below.

Formulas of profit and loss are given below.

When the Selling Price (SP) is greater than Cost Price (CP) the man makes a Profit or Gain.

**Selling Price (SP) > Cost Price (CP) → Profit or Gain Profit = Selling Price (SP) – Cost Price (CP)**

If profit % is required to find then,

When the Selling Price (SP) is less than Cost Price (CP) the man suffers a Loss.

**Selling Price (SP) < Cost Price (CP) → LossLoss = Cost Price (CP) - Selling Price (SP)**

If loss % is required to find then,

**Loss % = (Loss/CP) × 100**

Depending on the formulas of profit and loss For let us consider some examples:**1.** Mr. Smith bought a book for $ 85 and sold it for sold it for $ 115. Find his profit or loss percent.**Solution:**

Cost Price (CP) = $ 85;

Selling Price (SP) = $ 115

Since SP > CP,

Therefore, Mr. Smith makes a profit.

Profit = Selling Price (SP) – Cost Price (CP)

= 115 – 85

= $ 30

Therefore, profit % = (Profit/Cost Price) × 100

= (30/85) x 100

= 35.29 %

**Answers: 35.29 %****2.** Mr. Brown bought a TV for $ 5800 and sold it for sold it for $ 7000. Find his profit or loss percent.**Solution:**

Cost Price (CP) = $ 5800;

Selling Price (SP) = $ 7000

Since SP > CP,

Therefore, Mr. Brown makes a profit.

Profit = Selling Price (SP) – Cost Price (CP)

= 7000 – 5800

= $ 1200

Therefore, profit % = (Profit/Cost Price) × 100

= (1200/5800) x 100

= 20.69 % **Answers: 20.69 %**

**3.** Robert bought pencils for $ 150.As they were of bad quality, he had to sell them for $ 127. Find his loss or gain percent.**Solution:**

Cost Price (CP) = $ 150,

Selling Price (SP) = $ 127

Since SP < CP,

Therefore, Robert suffers a loss.

Loss = Cost Price (CP) – Selling Price (SP)

= 150 – 127

= $ 23

Therefore, loss % = (Loss/CP) × 100

= (23/150) × 100

= 15.33% **Answers: 15.33 %****4.** Jack bought a pairs of shirt for $ 125 and sold them for $ 108. Find his loss or gain percent.

Solution:

Cost Price (CP) = $ 125,

Selling Price (SP) = $ 108

Since SP < CP,

Therefore, Jack suffers a loss.

Loss = Cost Price (CP) – Selling Price (SP)

= 125 – 108

= $ 17

Therefore, loss % = (Loss/CP) × 100

= (17/125) × 100

= 13.6 %

**Answers: 13.6 %**

To find Cost Price or Selling Price when Profit or Loss is given.

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