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A person buys an item for Rs. 800 and sells it for Rs. 960. Find the profit percentage.
15%
20%
25%
18%
20%
Calculate the absolute profit (960 - 800 = 160) and observe it is exactly 1/5th of the CP (800). Since 1/5 = 20%, the answer is 20%.
Cost Price (CP) = 800, Selling Price (SP) = 960
Profit┬аPercentage=(CPSPтИТCPтАЛ)├Ч100
Calculate the absolute profit (960 - 800 = 160) and observe it is exactly 1/5th of the CP (800). Since 1/5 = 20%, the answer is 20%.
Students often calculate the profit percentage based on the Selling Price (SP) instead of the Cost Price (CP), which leads to an incorrect value of 16.66%.
Calculate Profit
Find the absolute profit by subtracting the cost price from the selling price.
Profit=960тИТ800=160
Apply Profit Percentage Formula
Use the profit percentage formula where Profit is divided by Cost Price and multiplied by 100.
Profit┬аPercent=(800160тАЛ)├Ч100
Simplify Calculation
Perform the division and multiplication to get the final percentage.
800160тАЛ=51тАЛ=0.2;0.2├Ч100=20%
B is correct because the calculated profit percentage is 20%.
Understanding base values is crucial in Data Interpretation sections of competitive exams, where profit percentage is often calculated on the base year or initial value.
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