Question

Cost of an item \[Rs.{\text{ }}50\]. It was sold with a profit of \[12\% \], find the selling price.

Answer 1

Hint:
To calculate first, we have to convert the Profit percentage into the profit. After I calculated the profit, We have to add this profit to the cost price of the item. This will give us the selling price of an item.

Complete step by step solution:
We have given the cost price of an item \[Rs.{\text{ }}50\]
Also, we have given that profit made on selling item = \[12\% \]
Now we have to convert the profit percentage to profit.
So profit is given as = \[\]\[\left( {cost{\text{ }}price{\text{ }}x\;profit{\text{ }}percentage} \right){\text{ }}/{\text{ }}100\]
\[ = {\text{ }}56{\text{ }}Rs\]
$ = \dfrac{{12}}{2}$=6
Profit made on selling the item = \[6{\text{ }}Rs\]. Now we have to calculate the selling price of the item
The selling price of the item will be the sum of the cost price and the profit made on selling the item.
So, \[Selling{\text{ }}price{\text{ }} = {\text{ }}Cost{\text{ }}price{\text{ }} + \;Profit\] \[ = {\text{ }}50 + 6\]
\[ = {\text{ }}56{\text{ }}Rs\]

The selling price of the item = \[56{\text{ }}Rs\].

Note:
The cost price is the original. The price of an item or the price at which goods are or have been bought by a retailer selling price is the price at which the seller sold the product to the buyer. When the sellers make a profit the selling price will always be greater than the cost price.