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Question
Using the figures given below, frame problems based on profit percent or loss percent.
Cost price of 50 Kg grain ₹ 2000, selling price ₹ 43 per kg.
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Solution
Problem: Amit bought 50 kg of rice for Rs 2000. Later, he sold them all at the rate of Rs 43 per kg. Did he make a profit or a loss? What was its percentage?
Cost price of 50 kg of rice = ₹ 2000
Selling price of 1 kg of rice = ₹ 43
∴ Selling price of 50 kg of rice = 50 × 43 = ₹ 2150
Since selling price is more than cost price, so there is a profit.
Profit = Selling Price − Cost Price
= 2150 − 2000
= Rs 150
So, Amit made a profit of Rs 150 in this transaction.
Let x % be the Amit's profit, then,
`"x"/100 = "Profit"/"cost price" = 150/2000`
`=> "x"/100 xx 100 = 150/2000 xx 100`
`=> "x" = 15/2 = 7 1/2`
∴ Amit made a profit of `7 1/2%` in this transaction.
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