a cost price of a chair is ₹312 and is sold by making a profit of ₹58 . what is the selling price of the chair
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a cost price of a chair is ₹312 and is sold by making a profit of ₹58 . what is the selling price of the chair
answer in correct statement
with full explanation
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Answer:
The selling price (SP) of an item can be calculated using the formula:
\[ \text{SP} = \text{Cost Price (CP)} + \text{Profit} \]
Given:
Cost Price (CP) of the chair = ₹312
Profit = ₹58
Using the formula for the selling price:
\[ \text{SP} = \text{CP} + \text{Profit} \]
\[ \text{SP} = ₹312 + ₹58 \]
\[ \text{SP} = ₹370 \]
Therefore, the selling price of the chair is ₹370.
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Let's assume that the cost price of the chair is C, and the profit earned on selling the chair is P. Then, we can use the given information to set up the following equation:
C = 3P
We know that profit (P) is the difference between the selling price (S) and the cost price (C). So, we can write:
P = S - C
Substituting the value of C from the first equation, we get:
P = S - 3P
Simplifying this equation, we get:
4P = S
Now, we can use the formula for a profit percentage to calculate the approximate profit percentage gained through the sale:
Profit Percentage = (Profit/Cost Price) x 100%
Profit Percentage = (P/C) x 100%
Profit Percentage = (P/3P) x 100%
Profit Percentage = (1/3) x 100%
Profit Percentage = 33.33% (approx.)