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How much is the profit at 8% on Rs.500?

Answer
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Hint: Profit is 8%. So first find the amount of 8% of 500 and add this amount to 500 to get the amount at which we get a profit of 8%. Or we can also solve this question by considering Rs. 500 as Cost price and Profit as 8%. So we need to find the selling price.

Complete step-by-step answer:
Profit is a financial gain. When the selling price is greater than the cost price, then we get a profit. It is the income remaining after settling all the expenses.
We are given to find how much the profit at 8% on Rs. 500 is.
Given amount is Rs. 500 and we got a profit of 8% on it.
8% of Rs. 500 is 8100×500=Rs.40
So the final (profit) amount will be Rs.500+Rs.40=Rs.540 .
So the amount is Rs. 540 where we get a profit at 8% on Rs. 500.
So, the correct answer is “RS 540”.

Note: Another approach
Let the given cost price be Rs. 500 and the profit is 8%.
So we need to find the selling price at which we got 8% profit.
So Selling price (SP) can be found by Profit=(SPCP)CP×100 , where CP is the cost price.
Therefore, on substituting the values of CP and profit in the above formula, we get 8=(SP500)500×100
Sending 100 to the left hand side, we get 8100=SP500500
 8=SP5005
Sending 5 to the Left hand side, we get
 40=SP500
 SP=500+40=Rs.540
Therefore, when the cost price is Rs. 500 and the selling price is Rs. 540, we get a profit of 8%.
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