Question

Find the gain or loss percent if $C.P. = Rs.550$ and gain = $Rs.22$.

Answer 1

Hint: When a product is purchased in the view of selling it to the consumer in order to do a business then, the price in which the product is bought by the seller is known as the cost price of the product and the price in which the seller sells the product to the consumer is known as selling of the product for the seller. If the selling price of the product is greater than the cost price of the product then the difference in the prices can be termed as the profit or the gain on the product while at the same time if the selling price is less than the cost price of the product then the difference in the price is known as the loss on the product. Profit percent or, loss percent of a product is always calculated on the cost price of the product.
In this question cost price has already been given and also gain on the product has been introduced so, without much calculation, use the formula $gain\% = \dfrac{{gain}}{{C.P.}} \times 100$ to determine the gain percent.

Complete step by step solution:
In the question, it has already been given that there is a gain in selling the product so, the gain percent is to be determined.
Now, substitute $C.P. = Rs.550$ and gain = $Rs.22$. In the formula $gain\% = \dfrac{{gain}}{{C.P.}} \times 100$ to determine the gain percent.
$ gain\% = \dfrac{{gain}}{{C.P.}} \times 100 \\
   = \dfrac{{22}}{{500}} \times 100 \\
   = \dfrac{{22}}{5} \\
   = 4.4\% \\ $
Hence, the gain percent is 4.4% for the product whose cost price is 500 and the gain is 22.

Note: It is to be noted here that many a time, the marked price has been given in the question instead of selling price. So, be careful while reading the question as the marked price is the price which has been marked on the product by the seller but the selling price is the price of the product which the seller actually gets for the product after discount.