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The profit earned when article is sold for Rs. 800 is 20 times the loss incured, when it is sold for Rs. 275. At what price he sold his goods if he wants to earn 20% Profit.
He needs to sell his goods for Rs. 360 to earn a 20% profit.
Let’s denote the cost price of the article as C.
According to the given information:
- Profit earned when sold for Rs. 800 is 20 times the loss incurred when sold for Rs. 275.
- Profit = Selling Price – Cost Price
- Loss = Cost Price – Selling Price
From the first condition: Profit when sold for Rs. 800 = 20 * Loss when sold for Rs. 275
So, we can form the equation: 800 – C = 20(C – 275)
Now, we can solve for C:
800 – C = 20C – 5500 21C = 6300 C = 6300 / 21 = 300
So, the cost price of the article is Rs. 300.
To earn a 20% profit, the selling price (SP) would be: SP = C + 20% * C SP = 300 + 0.2 * 300 SP = 300 + 60 = 360
Therefore, he needs to sell his goods for Rs. 360 to earn a 20% profit.
Profit and Loss in Mathematics
In mathematics, profit and loss are concepts commonly used in business and finance to measure the financial performance of an enterprise or an investment. Here’s a brief explanation of each:
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Profit: Profit is the financial gain obtained when the revenue earned from selling goods or services exceeds the total costs incurred in producing or acquiring those goods or services. Mathematically, profit is calculated as:
Profit = Revenue – Cost
Where:
- Revenue: Total income generated from sales or other sources.
- Cost: Total expenses incurred in producing or acquiring goods or services, including production costs, operating expenses, taxes, etc.
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Loss: Loss occurs when the total costs incurred exceed the revenue generated. It represents a negative financial outcome. Mathematically, loss is calculated as:
Loss = Cost – Revenue
It’s essentially the reverse of the profit formula.
Profit and loss calculations are fundamental in various areas such as accounting, economics, and business management. Understanding these concepts is essential for analyzing the financial health and performance of businesses, making investment decisions, and managing personal finances.
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Source: Math Hello Kitty
Categories: Math
