Examples on Profit and Loss
We will learn how to solve different examples on profit and loss. We know, cost price is the price at which an article is purchased and selling price is the price at which an article is sold.
Solved examples:
1. John sold two digital cameras at $3,000 each. On one he gains 20% and on the other he loses 20%. What percent does he gain on the whole transaction?
Solution:
For the first digital camera:
Gain = 20%.
Let cost price (C.P.) = $100.
Therefore, selling price (S.P.) = $(100 + 20)
= $120.
When selling price (S.P.) is $ 120, cost price (C.P.) is $100.
Therefore, when selling price (S.P.) is $300, cost price (C.P.)
= $100/120 × 300
= $(100 × 300)/120
= $30000/120
= $2,500.
Therefore, cost price (C.P.) of the first digital camera = $2,500.
For the second digital camera:
Loss = 20%
Let cost price (C.P.) = $100.
Therefore, selling price (S.P.) = $(100 - 20) = $80
When selling price (S.P.) is $80, the cost price (C.P.) is $100.
Therefore, when selling price (S.P.) is $300, the cost price (C.P.)
= $100/80 × 300
= $30000/80
= $3,750.
Therefore, cost price (C.P.) of the second digital camera = $3,750.
Thus, total cost price (C.P.) of two digital cameras = $2,500 + $3,750 = $6,250
Total selling price (S.P.) of two digital cameras = $(2 × 3,000) = $6,000.
Thus, cost price (C.P.) > selling price (S.P.) so, there is a loss
Loss = cost price (C.P.) - selling price (S.P.)
= $6,250 - $6,000
= $250.
Percentage loss = loss/cost price × 100
= 250/6250 × 100
= 25000/6250
= 4%
Therefore, John loses 4% on the whole transaction.
More examples on profit and loss:
2. Brad bought a laptop for $8,000 and spent $500 on its spares. He later sold it for $9,500. Find his gain or loss percent.
Solution:
Cost price includes the overhead expenses also.
Therefore, C.P. = $8,000 + $500 = $8,500
and S.P. = $9,500
Since, S.P. > C.P., there is a profit
Profit = S.P. - C.P.
= $9,500 - $8500
= $1,000
Profit percent = profit/(C.P.) × 100
= 1000/8500 × 100
= 200/17
= 11\(\frac{13}{17}\)%
Therefore, Brad’s gain percent is 11\(\frac{13}{17}\)%.
To find Profit or Loss when Cost Price and Selling Price are Given
To find Selling Price when Cost Price and Profit or Loss are Given
To find Cost Price when Selling Price and Profit or Loss are Given
Calculate Profit or Loss Percent
Calculate Profit and Selling Price
Calculate Loss and Selling Price
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