Question

The ratio of cost price and selling price is 7:10. The profit percent is�

Answer 1

The profit percent is $42 %$

Step-by-step explanation:

Given:

            $\frac{Cost price }{Selling price} =\frac{7}{10}$

          The formula for profit is,
                  $Profit=Selling price- Cost price$
                              $=10-7$
                              $=3$
         The formula for profit percentage is
  $Profit percentage= \frac{Profit}{Cost price} 100$
                               $=\frac{3}{7}. 100$

                               $=0.42.100$
                               $=42$
           

Answer 2

Concept

The profit formula is used to determine how much profit was produced from the sale of a specific product. Profit formulas are commonly employed in business and financial activities. When the selling price of a product is higher than the cost price, profit is made (that is the price at which the product was originally bought). It should be noted that profit and loss are usually expressed as a percentage to show how much profit or loss a trader makes on a given contract.

Given

The ratio of cost price and selling price is 7:10.

Find

We are asked to find the profit percentage

Solution

We will use the formula to find the profit percentage

$\frac{Selling price-cost price}{cost price} \times 100$

$\frac{10-7}{7}\times100\\ \frac{3}{7}\times100\\ 42.86$

Hence the profit percentage is 42.86%