Profit, Loss and Discount
ICSE · Class 7 · Mathematics
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A shopkeeper buys a toy for ₹200 and sells it for ₹240. Find the profit and profit percent.
Answer
Step 1: Profit = S.P. - C.P. = ₹240 - ₹200 = ₹40. Step 2: Profit % = (Profit / C.P.) × 100% = (40 / 200) × 100% = 20%. Answer: Profit = ₹40 and profit percent = 20%.
An article is bought for ₹600 and sold for ₹550. Find the loss and loss percent.
Answer
Step 1: Loss = C.P. - S.P. = ₹600 - ₹550 = ₹50. Step 2: Loss % = (Loss / C.P.) × 100% = (50 / 600) × 100% = 25/3% = 8 1/3%. Answer: Loss = ₹50 and loss percent = 8 1/3%.
Why is profit percent calculated on cost price and not on selling price?
Answer
Profit is the gain made on the amount paid for the article, so the cost price is the correct base. Example: C.P. = ₹120 and S.P. = ₹150. Profit = ₹150 - ₹120 = ₹30. Profit % = (30 / 120) × 100% = 25%.
A watch is bought for ₹450. Find its selling price if the seller wants a gain of 10%.
Answer
Step 1: Gain = 10% of C.P. = (10 / 100) × ₹450 = ₹45. Step 2: S.P. = C.P. + Gain = ₹450 + ₹45 = ₹495. Answer: Selling price = ₹495.
A shirt costs ₹800 and is sold at a loss of 25%. Find the selling price.
Answer
Step 1: Loss = 25% of C.P. = (25 / 100) × ₹800 = ₹200. Step 2: S.P. = C.P. - Loss = ₹800 - ₹200 = ₹600. Answer: Selling price = ₹600.
Use the direct method to find the selling price when gain is 20% on a cost price of ₹500.
Answer
Step 1: Gain of 20% means S.P. = 120% of C.P. Step 2: S.P. = (120 / 100) × ₹500 = ₹600. Answer: Selling price = ₹600. Check: Profit = ₹600 - ₹500 = ₹100, and 100/500 × 100% = 20%.
Use the direct method to find the selling price when loss is 20% on a cost price of ₹500.
Answer
Step 1: Loss of 20% means S.P. = 80% of C.P. Step 2: S.P. = (80 / 100) × ₹500 = ₹400. Answer: Selling price = ₹400. Check: Loss = ₹500 - ₹400 = ₹100, and 100/500 × 100% = 20%.
A shopkeeper buys 50 pencils for ₹80 and sells 40 pencils for ₹90. Find the gain percent.
Answer
Step 1: C.P. of 1 pencil = ₹80 / 50 = ₹1.60. Step 2: S.P. of 1 pencil = ₹90 / 40 = ₹2.25. Step 3: Gain on 1 pencil = ₹2.25 - ₹1.60 = ₹0.65. Step 4: Gain % = (0.65 / 1.60) × 100% = 40 5/8%. Answer: Gai…
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