Question

Find the gain or loss percent when C.P. is Rs. 345 and S.P. Rs. 372.6.

Answer 1

Hint: We first need to define what C.P. and S.P. are. We need to find the meaning of the differences between the two prices and what that difference tells us. We find the difference by subtracting the CP from SP. If it's positive, we have profit, else its loss. Now we find out the profit/loss percentage using the formula $\dfrac{profit/loss}{C.P.}\times 100$

Complete step-by-step solution
C.P. denotes the cost price of the item and S.P. denotes the selling price.
Cost price is the basic price of making the item. The first seller sells the item to another person at a different price. That is called the selling price. According to the difference, either the seller profits or makes a loss. The difference is calculated by subtracting the cost price from the selling price.
So, $profit/loss=S.P.-C.P.$
If the seller sells it at a higher price than the cost price, then he gets the profit and the difference between the prices is positive. And if the seller sells it at a lower price than the cost price, then he gets the loss and the difference between the prices is negative.
In our given problem C.P. is Rs. 345 and S.P. Rs. 372.6.
We find the difference between the prices.
The difference is $S.P.-C.P.=372.6-345=27.6$.
This is positive which means the seller made a profit and the amount is Rs. 27.6
Now, we need to find the percentage of profit. The formula to find percentage is $\dfrac{profit/loss}{C.P.}\times 100$ .
We put the values to find the profit percentage as $\dfrac{27.6}{345}\times 100=\dfrac{2760}{345}=8$.
So, the gain percent is 8 when C.P. is Rs. 345 and S.P. is Rs. 372.6.

Note: We have another term that is marked price. This is the price that the seller wants to sell on. The seller fixes the profit and marks a particular price. Then he sometimes gives discounts and forms the selling price based on the market price. It is necessary to know the terms and the formulas to be able to solve questions of this type.