Question

The cost price of a printer is Rs. 3400, which is $15 \%$ below the marked price. If the article is sold at a discount of $10 \%$, find (i) the marked price, (ii) the selling price, (iii) the profit, and (iv) the profit percentage.

Answer 1

Hint: Profit and Loss formula is used in mathematics to determine the price of a commodity in the market and understand how profitable a business is. Every product has a cost price and selling price. Based on the values of these prices, we can calculate the profit gained or the loss incurred for a particular product. For example, for a shopkeeper, if the value of the selling price is more than the cost price of a commodity, then it is a profit and if the cost price is more than the selling price, it becomes a loss.

Complete step-by-step answer:
 Let marked price is Rs $m$. The cost price is $c=$ Rs 3400.
which is $15 \%$ less than marked price $m$
By given condition $x \cdot \dfrac{100-15}{100}=3400$ or $0.85 x=3400$
So $x=\dfrac{3400}{0.85}=$ Rs4000
(i)$\therefore$ Marked price is Rs 4000
Selling price with $10 \%$ discount is $s=m \cdot \dfrac{100-10}{100}$ or
$s=4000 \cdot 0.9=$ Rs $3600$
(ii)$3600 \therefore$ Selling price is Rs 3600
Profit = Selling price - cost price
Profit $p=s-c=3600-3400=$ Rs 200
(iii) Profit is Rs 200
Profit $\%=\dfrac{p}{c} \cdot 100=\dfrac{200}{3400} \cdot 100 \approx 5.88 \%(2 d p)$
(iv) Profit $\%$ is $5.88 \%$

Note: The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period, usually a fiscal quarter or year. The P&L statement is synonymous with the income statement. These records provide information about a company's ability or inability to generate profit by increasing revenue, reducing costs, or both. Some refer to the P&L statement as a statement of profit and loss, income statement, statement of operations, statement of financial results or income, earnings statement or expense statement.