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Question 4
The cost price of an item is two-third of its selling price. What is the gain/loss percent on that item?
Solution
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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