Profit and Loss Percent:

To find the profit or loss percent, we need to calculate the profit or loss first, and then calculate the profit or loss percent using the following formula:

Profit/Loss percent = (Profit/Loss * 100) / Cost Price

Calculating Profit:
Here, the cost price is given as $350 and the selling price is given as $400. To find the profit, we subtract the cost price from the selling price.

Profit = Selling Price - Cost Price
Profit = $400 - $350
Profit = $50

Calculating Profit Percent:
To find the profit percent, we can use the profit formula mentioned above.

Profit Percent = (Profit * 100) / Cost Price
Profit Percent = ($50 * 100) / $350
Profit Percent = (5000 / 350)
Profit Percent = 14.28%

Interpretation:
The profit percent in this case is 14.28%. This means that the seller made a profit of 14.28% on the cost price of $350.

Key Points to Remember:
- Profit is the positive difference between the selling price and the cost price.
- Loss is the negative difference between the selling price and the cost price.
- Profit percent is the profit expressed as a percentage of the cost price.
- Loss percent is the loss expressed as a percentage of the cost price.

Example:
Let's consider another example.
Cost Price = $500
Selling Price = $450

Calculating Loss:
To find the loss, we subtract the selling price from the cost price.

Loss = Cost Price - Selling Price
Loss = $500 - $450
Loss = $50

Calculating Loss Percent:
To find the loss percent, we can use the loss formula mentioned above.

Loss Percent = (Loss * 100) / Cost Price
Loss Percent = ($50 * 100) / $500
Loss Percent = (5000 / 500)
Loss Percent = 10%

Interpretation:
In this case, the loss percent is 10%. This means that the seller incurred a loss of 10% on the cost price of $500.

Summary:
- To find the profit percent, subtract the cost price from the selling price to find the profit, and then use the profit formula to calculate the profit percent.
- To find the loss percent, subtract the selling price from the cost price to find the loss, and then use the loss formula to calculate the loss percent.

The selling price os Rs. 400 and cost price is Rs.350.
So profit should be there because the selling price is greater than cost price.

Profit = Rs.400 - Rs. 350
=Rs. 50
Profit (%) = Profit / CP ×100
= Rs.50 / 350 ×100
= 1/ 7 × 100
= 100 / 7
= 14.28 %

So the profit is Rs .50 and profit percentage is 14.28%.