Question

A man buys an article for \[Rs.\,27.50\] and sells it for \[Rs.\,28.60\]. Find his gain percent.

Answer 1

Hint: To solve this question first we have to assume the gain as a variable. Then use the formula of finding the profit then put the values and find the profit. After finding the profit use the formula for finding the gain percent and then put the values and on further calculation we get the gain percent which is asked in the question.

Complete step-by-step solution:
Given,
Cost price of the article \[\left( {C.P} \right) = 27.50\]
Selling price of the article \[\left( {S.P} \right) = 28.60\]
To find,
The gain percent of the article.
\[C.P = 27.50\]
\[S.P = 28.60\]
On using the formula of gain.
\[gain = S.P - C.P\]
On putting the values of the cost price and selling price of the article.
\[gain = 28.60 - 27.50\]
On further solving:
\[gain = 1.1\]
We have to find a gain in percent.
So formula for gain percent is
\[gain\% = \dfrac{{gain}}{{{\text{cost }}price}} \times 100\% \]
On putting the value of gain and cost price
\[gain\% = \dfrac{{1.1}}{{27.50}} \times 100\% \]
On further calculations
\[gain\% = 4\% \]
Final answer:
The profit percent of the article if buys for \[Rs.\,27.50\] and sold for \[Rs.\,28.60\] is
\[ \Rightarrow gain\% = 4\% \].

Note: In this question, we have to calculate profit percent (gain percent). It may be possible that they give the gain percent (profit percent) or loss percent and ask us to find the selling price. We put all the values that are given in the formula and rearrange them to get the asked value. From this formula, we are able to find each term if all the other values are given. The student may commit mistakes in finding the percent. They put the selling price at the place of cost price in the denominator.