Question

A shopkeeper expects a gain of 22.5% on his cost price. If in a week, his sale was of Rs. 392, what was his profit?

Answer 1

this is the correct ans.

Answer 2

Given:

Gain expectation = 22.5%

Sale = Rs. 392

To find:

Profit = ?

Formula to be used:

• $\text { Cost Price }=\frac{100}{100+\text { gain } \%} \times \text { Selling price }$
• $Profit = Sales - Cost Price$

Calculation:

As gain percentage and Selling price is given, with help of that cost price can be calculated using the Cost price formula

$\text { Cost Price }=\frac{100}{100+\text { gain } \%} \times \text { Selling price }$

$\text { Cost Price }=\frac{100}{100+22.5} \times 392$

$\text { Cost Price }=\frac{1000}{1225} \times 392$

$\text { Cost Price }=320$

When the Cost price value is substituted in the profit formula, it gives

$Profit = Sales - Cost price$

$Profit = 392+320$

$Profit = 72$

Conclusion:

His profit was Rs.72

Learn more about such concept

A shopkeeper calculate percentage profit on the buying price and another on the selling price. What will be their difference in profits if both claim a profit of 25% on goods sold for Rs. 4000?

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