Question
Download Solution PDFWhen item sold at Rs. 1400 then there is profit percent is 40%. Find the profit amount when item sold at Rs. 1345?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
When the item is sold at Rs. 1400, profit percent is 40%.
Let the cost price be C.
Formula used:
Profit = Selling Price - Cost Price
Profit percent = (Profit / Cost Price) × 100
Calculations:
Profit percent = 40%, so:
(1400 - C) / C = 40 / 100
⇒ (1400 - C) = 0.4C
⇒ 1400 = 1.4C
⇒ C = 1400 / 1.4 = Rs. 1000
Now, when the item is sold at Rs. 1345, profit = 1345 - 1000 = Rs. 345
∴ The profit amount when the item is sold at Rs. 1345 is Rs. 345.
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