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Question
A shopkeeper bought a bicycle for Rs 3000 and sold the same for Rs 3400. How much was his profit?
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Solution
Cost price of bicycle = Rs 3000
Selling price of bicycle = Rs 3400
Since selling price > cost price, so there is a profit.
Profit = Selling price − Cost price
= 3400 − 3000
= Rs 400
∴ The shopkeeper made a profit of Rs 400 in this transaction.
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