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Tips and tricks for solving Profit and Loss Questions Video Lecture | General Aptitude for GATE - Mechanical Engineering
FAQs on Tips and tricks for solving Profit and Loss Questions Video Lecture - General Aptitude for GATE - Mechanical Engineering
| 1. What is profit and loss? |  |
Ans. Profit and loss refers to the financial gain or loss made by a business or individual after selling goods or services. It is calculated by subtracting the cost price from the selling price of an item.
| 2. How can I calculate the profit percentage? | |
Ans. To calculate the profit percentage, divide the profit amount by the cost price and multiply the result by 100. The formula is: Profit Percentage = (Profit / Cost Price) × 100.
| 3. What is the formula for calculating the selling price? | |
Ans. The formula for calculating the selling price is: Selling Price = Cost Price + Profit. This formula takes into account the cost price of an item and the desired profit margin.
| 4. How can I calculate the cost price if the selling price and profit percentage are given? | |
Ans. To calculate the cost price when the selling price and profit percentage are given, use the formula: Cost Price = Selling Price / (1 + (Profit Percentage / 100)). This formula helps determine the original cost of an item.
| 5. Can you provide an example of solving a profit and loss question? | |
Ans. Certainly! Let's say the cost price of a product is $50 and the profit percentage is 20%. To calculate the selling price, we use the formula: Selling Price = Cost Price + Profit.
Selling Price = $50 + ($50 * 20/100) = $50 + $10 = $60. Therefore, the selling price would be $60.
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