Question 199

The cost price of an item is two-third of its selling price. What is the gain/loss percent on that item?

Solution
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Given that ,

Cost price (cp) = $$\frac{2}{3}$$ selling price(sp)

  • Clearly, selling price is more than cost price. Hence it is a GAIN .
  • Gain% = [(sp - cp)/ cp] * 100
  • = [(sp/cp) -1] * 100
  • = ($$\frac{34}{3}$$ - 1 ) * 100
  • = 50

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