Question

The cost price of a coat is Rs 600.it was sold with a profit of 5%. Find the selling price of the coat.

Answer 1

Given,

The cost price of a coat = Rs. 600

Sold with a profit of 5%

To find,

The selling price of the coat.

Solution,

The selling price of the coat will be Rs. 630.

We can easily solve this problem using the concepts of profit and loss.

Now, we know that when we get profit then the value is added to the cost price and when we get loss then the value is subtracted from the cost price of an object.

According to the question,

Profit of 5% for Rs. 600

5/100 × 600

Rs. 30

Then,

The selling price of a coat (SP) = Cost price + profit

The selling price of a coat = Rs. (600+30)

The selling price of a coat = Rs. 630

Hence, the price of the coat is Rs. 630.