Question

The cost price of an article is Rs. 1200. The profit percent earned on it is 30%. Find the profit.

Answer 1

Hint: To solve this question we will use the formula which gives a relation between profit, profit percentage and cost price, which is given by, Profit % \[=\dfrac{Profit}{CP}(100)\].

Complete step-by-step solution -

We will use the formula of the relation in between Profit, Profit percentage and Cost price CP to calculate the result.
The relation is given as,
Profit % \[=\dfrac{Profit}{CP}(100)\].
Given that the profit% is 30%, Cost price CP = Rs.1200 and we have to calculate the profit.
Using the formula Profit % \[=\dfrac{Profit}{CP}(100)\] and substituting the values given in the question we get,
\[30%=\dfrac{profit}{1200}(100)\]
Making necessary rearrangements and calculations we get,
\[\begin{align}
  & 30=\dfrac{profit}{1200}(100) \\
 & \Rightarrow 30=\dfrac{profit}{12} \\
 & \Rightarrow 30(12)=profit \\
 & \Rightarrow profit=360 \\
\end{align}\]
Therefore, we get the required result as Rs. 360.
Hence, when the cost price of an article is given to be Rs. 1200 and the profit percent earned on it is 30%, then the profit is given by Rs. 360.

Note: The possibility of error in this question can be at a point where you can mistakenly put profit percent as 30%, which would be wrong because the profit percent is already using %, so we don’t need to write or convert 30% into 30 while doing calculations.