We will learn how to calculate profit and profit percent.
If selling price is more than the cost price (S.P. > C.P.), there is a profit.
Profit = S.P. – C. P.
or, S. P. = P + C. P.
C.P. = S. P. – P
Profit percent → profit on $ 100 is called profit%
Profit% is always calculated on C.P
So, profit% = \(\frac{Profit}{C.P.}\) x 100
Solved examples:
Jack purchased 400 calculators at $200 each. He spent $5 on packing each calculator, paid $100 to the carrying for loading and $400 on transportation. He sold 300 at a rate of $280 each and 100 at the rate of $180 each. Find his profit or loss per cent in the whole transportation.
Solution:
C.P. of 1 calculator = $200
C.P. of 400 calculators = $200 x 400
= $80000
Money spent on packing 1 calculator = $5
Money spent on packing 400 calculators = $400 x 5 = $2000
Overhead expenses = $(2000 + 100 + 400)
= $2500
C.P. of 400 calculators = Actual C.P. + Overhead expenses
= $80000 + $2500
= $82500
S.P. of 400 calculators = S.P. of 300 calculators + S.P. of 100 calculators
S.P. of 1 calculator = $280
S.P. of 300 calculators = $280 x 300 = $84000
S.P. of 1 calculator = $180
S.P. of 100 calculators = $180 x 100 = $18000
S.P. of 400 calculators = $84000 + $18000 = $102000
S. P. > C. P., there is profit, therefore, profit – S.P. – C.P.
Profit = $(102000 – 82500) = $19500
Profit% = \(\frac{Profit}{C.P.}\) x 100
= \(\frac{19500}{82500}\) x 100%
= 23.6%
7th Grade Math Problems
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