If the cost of an item is Rs. 50 and it was sold with the profit of 12%. Then what will be the selling price of the item ?
ANSWER
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Hint:- Let us find the profit amount of the item by using percentage formula which states that A% of B is calculated as \[\dfrac{A}{{100}} \times B\], adding this profit money to the cost price will give us the selling price.
Complete step-by-step answer: As we know that if the cost of an item is Rs. 50 then the cost price of the item will also be equal to Rs. 50 because the cost price of any article is the original cost of that article. As we know that the selling price of the article is the price at which it is sold. And if the selling price is more than the cost price of the item then there will be profit otherwise if the cost price is more than the selling price then there will be loss. As we know that there was a profit of 12%. So, it will be a case of profit. So, the selling price should be more than the cost price. And the selling price will be equal to the cost price plus profit in the item. So, we had to find the profit amount. As we know that according to the percentage formula it states that A% of B is written as \[\dfrac{A}{{100}} \times B\] And profit is equal to 12% of cost price. So, profit = \[\dfrac{{12}}{{100}} \times 50\] = Rs. 6 Now selling price of the item will be equal to cost price + profit So, selling price = 50 + 6 = Rs. 56 Hence, the selling price of the item will be equal to Rs. 56.
Note:- Whenever we come up with this type of problem then we should remember that gain or loss percent is always calculated from the cost price of that article. And if the cost price is more than the selling price there will be loss and if the selling price is more than cost price then there will be gain. So, we can find the profit amount by using a percentage formula and then we will add that to the cost price to get the selling price of the item.