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If CP is Rs 1500 and SP is 3 times CP, what is the profit?

Last updated date: 11th Jun 2024
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Hint: When a product is purchased in the view of selling it to the consumer in order to do 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, the cost price has been given, and the selling price is 3 times the cost price, and we need to determine the gain. So using the formula for the profit, we can get the result.

Complete step by step solution: According to the question, the selling price is 3 times the cost price which is Rs. 1500.
Hence, the selling price is calculated as:
  SP = 3 \times CP \\
   = 3 \times 1500 \\
   = 4500 \\
Now, substitute the value of the selling price as Rs. 4500 and the value of cost price as Rs. 1500 in the formula ${\text{Profit}} = SP - CP$ to determine the gain or profit as:
  {\text{Profit = }}SP - CP \\
   = 4500 - 1500 \\
   = 3000 \\
Hence, the gain is Rs. 3000 on the product whose cost price is Rs. 1500 and the selling price is three times the cost price.

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. Alternatively, this question can also be solved by using the concept that the times by which gain more than the cost price multiplied by the CP will result in the total gain in the product.