Question

Ravi purchased a chair at Rs 500 and sold it at Rs 550.What was his gain or loss percent?

Answer 1

Selling Price of a chair =Rs 550

Cost Price of a chair =Rs 500

Profit =Rs(550-500=50)

therefore, profit %=((50/500)*100)=10%

Hope this helps.

Answer 2

Answer:

Ravi purchased a chair at Rs 500 and sold it at Rs 550.

Ravi's gain/ Profit percent was 10%

Step-by-step explanation:

• Cost Price: The amount of money paid to purchase an article or the price at which that particular article is made is known as it's cost price. The Cost price is abbreviated as S.P.

• Selling Price: The Selling Price is at which an article is sold The selling price is abbreviated as S.P.

• Ravi purchased a chair at Rs 500.

      So, Cost Price = Rs. 500

• He sold it at Rs. 550.

      So, Selling Price = Rs. 550

• As the Selling price is greater than the cost price of the chair, we can say that Ravi had a gain/profit.

• Now, Profit = Selling Price - cost Price

                   = Rs. (550 - 500 )

                   = Rs 50

• The Profit Percent = $\frac{Profit * 100}{Cost Price}$  % = $\frac{50 * 100}{500}$ % = $\frac{50}{5}$ % = 10%