Tushar bought a mobile phone for \[Rs.6000\]. At what price should he sell the phone again so as to gain a profit of \[10%\].
Answer
Verified
Hint: Use the formula for calculating the selling price of an object when cost price and profit are given, which is \[SP=\dfrac{100+P}{100}\left( CP \right)\], where SP is the price at which object should be sold, P is the profit percentage and CP is the price at which the object was purchased.
Complete step-by-step answer:
We have to find the price, at which a mobile phone, bought for \[Rs.6000\] should be sold, so as to gain a profit of \[10%\]. We know that when cost price and profit percentage is given, we calculate the selling price by using the formula \[SP=\dfrac{100+P}{100}\left( CP \right)\], where SP is the price at which object should be sold, P is the profit percentage and CP is the price at which the object was purchased. We have \[CP=Rs.6000,P=10%\]. Substituting the above values in the formula for calculating selling price, we have \[SP=\dfrac{100+P}{100}\left( CP \right)=\dfrac{100+10}{100}\left( 6000 \right)\]. Further simplifying the above expression, we have \[SP=\dfrac{100+10}{100}\left( 6000 \right)=6600\]. Hence, the mobile phone should be sold for \[Rs.6600\] to gain a profit of \[10%\] one the cost price which is \[Rs.6000\].
Note: Profit is considered as the extra amount earned by a person by selling an object at a price higher than the price at which it was bought. Loss is the difference between the amount at which a person bought a product and the price at which it was sold. We can represent profit and loss in terms of percentage as well by dividing the amount of profit or loss by the cost price of the object. One must be careful about the units of money while calculating the selling price of the object.
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