Question

An article is bought for 350 and is sold at a profit of 20%. Find it's selling price​

Answer 1

Solution:-

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$\large\to{\underbrace{\underline{\sf{Understanding\:the\:concept:-}}}}$

◉ Here the question has given us the CP of a product that is Rs 350 and the profit made by the seller that is 20%. Now, the question has asked us to find the selling price of the product. So, to find the SP we need to apply the formula of SP when profit% is given.

ANSWER:-

✩ The SP will be Rs. 420.

GIVEN:-

↠ Cost price of the product = Rs. 350

↠ Profit made by the seller = 20%

TO FIND:-

↣ Selling price = ?

FORMULA:-

↪ SP when Profit Percent is given = (100 + Profit % / 100)× CP

SOLVING BY APPLYING THE FORMULA:-

↠ CP = Rs. 350

↠ Profit% = 20%

↪ SP when Profit Percent is given = (100 + Profit % / 100)× CP

↦ Selling price = (100 + 20 / 100)× 350

↦ Selling price = (120 / 100)× 350

↦ Cancel out the zeros.

↦ Selling price = 120 / 100 × 350

↦ Selling price = 12 / 1 × 35

↦ Selling price = 12 × 35

↦ Selling price = 12 × 35 = 420

↦ Selling price = 420

Hence, the SP is Rs. 420.

${\underline{\boxed{\large{\mathscr{\:All\: Formulae\:of\:Profit\:And\:Loss\:}}}}}$

• Profit = (SP > CP) = SP - CP
• Loss = (CP > SP) = CP - SP
• Profit% = (Profit × 100 / CP)%
• Loss% = (Loss × 100 / CP)%
• SP when Profit Percent is given = (100 + Profit % / 100)× CP
• CP when Profit Percent is given = (SP × 100 / 100 + Profit %)
• SP when Loss Percent is given = (100 - Loss / 100)× CP
• CP when Loss Percent is given = (SP × 100 / 100 - Loss)

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Answer 2

Before, finding the answer. Let's find out on how we can find the answer.

• To find the Selling Price, we must use the formula of :

$\sf Selling \: Price = \dfrac{100 + gain }{100} \times cp$

• Where, we have to first add the gain and 100.
• Then, we have to multiply with Cost Price.
• At last, we have to divide by 100.

________________________

Given :

• Cost Price = Rs. 350
• Profit = 20%

To find :

• Selling Price

Solution :

We know that,

$\sf Selling \: Price = \dfrac{100 + gain }{100} \times cp$

                   $\sf = \dfrac{100 + 20 }{100} \times 350$

                    $\sf = \dfrac{120 }{100} \times 350$

                    $\sf = \dfrac{42000}{100}$

                    $\sf = 420$

∴ Selling Price is Rs. 420.

⇒ Verification :

• To verify, whether the answer is correct or not. We can find it by this way.
• So, here we can first find the Profit. Then, find the Profit Percent.
• If the Profit Percent and the profit percent given in question are same. The Answer is correct.

Profit = S.P - C.P  

         = 420 - 350

         = Rs. 70

Profit Percent  $\sf = \dfrac{Profit \times 100}{C.P}$

                        $\sf = \dfrac{70 \times 100}{350}$

                        $\sf = \dfrac{7000}{350}$

                        $\sf = 20 \%$

Hence, answer is correct.