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A man buys an item for Rs. 500 and sells it for Rs. 600. What is his profit percentage?
15%
20%
25%
30%
20%
Calculate the difference between SP and CP (600 - 500 = 100), then see what percentage 100 is of 500. Since 100 is 1/5 of 500, and 1/5 is equal to 20%, the answer is 20%.
Cost Price (CP) = Rs. 500, Selling Price (SP) = Rs. 600
Profit┬аPercentage=(CPSPтИТCPтАЛ)├Ч100
Calculate the difference between SP and CP (600 - 500 = 100), then see what percentage 100 is of 500. Since 100 is 1/5 of 500, and 1/5 is equal to 20%, the answer is 20%.
Many students mistakenly calculate profit percentage on the Selling Price (SP) instead of the Cost Price (CP), which would result in 16.66% instead of 20%.
Calculate the Absolute Profit
Profit is the difference between the selling price and the cost price: Profit=SPтИТCP.
600тИТ500=100
Apply the Profit Percentage Formula
Substitute the values of Profit and Cost Price into the percentage formula: CPProfitтАЛ├Ч100.
500100тАЛ├Ч100
Final Calculation
Simplify the fraction 500100тАЛ to 51тАЛ and multiply by 100.
0.2├Ч100=20%
B is correct because the profit of Rs. 100 on a cost price of Rs. 500 equals exactly 20%.
This concept is the foundation for Profit and Loss questions in RRB exams; always remember that profit/loss is always calculated relative to the Cost Price unless specifically stated otherwise.
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