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Shortcut 29:

Profit=S.P-C.P

S.P = selling price
C.P = Cost price
Question:
What is the profit when Rs. 400 product is sold for Rs. 500?
Answer:
S.P = 500;  C.P = 400
Profit = 100

Shortcut 30:

  Loss=C.P-S.P

Question:
What loss will one incur if a product worth Rs. 3000 is sold for Rs. 2400?
Answer:
C.P = 3000
S.P = 2400
Loss = 3000 – 2400
= Rs. 600

Shortcut 31:

Profit percentage

\(P\%=\frac{S.P-C.P}{C.P}\times100 \)

Question:
A bike worth Rs. 40000 is sold for Rs. 46000. What is the profit percentage?
Answer:
S.P = 46000
C.P = 40000
Substitute the values in the above equation, we get
P% = [(46000-40000)/40000]x100
= 15% profit

Shortcut 32:

Loss percentage

\(L\%=\frac{C.P-S.P}{C.P}\times100\)

Question:
A mobile phone worth Rs. 9900 is sold for Rs. 9000. What is the percentage loss?
Answer:
S.P = 9000
C.P = 9900
Substitute the values in the above equation, we get
L% = [(9900-9000)/9900] x 100
L% = 9.09% loss