If the cost price of an item is Rs. 500 and the selling price is Rs. 600, what is the gain percentage?

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Q: If the cost price of an item is Rs. 500 and the selling price is Rs. 600, what is the gain percentage?

Solution: Gain = Selling Price - Cost Price = 600 - 500 = 100. Gain percentage = (Gain/Cost Price) * 100 = (100/500) * 100 = 20%.

Steps: 9

Step 1: Identify the cost price of the item, which is Rs. 500.
Step 2: Identify the selling price of the item, which is Rs. 600.
Step 3: Calculate the gain by subtracting the cost price from the selling price: Gain = Selling Price - Cost Price = 600 - 500.
Step 4: Perform the subtraction: Gain = 100.
Step 5: Calculate the gain percentage using the formula: Gain Percentage = (Gain / Cost Price) * 100.
Step 6: Substitute the values into the formula: Gain Percentage = (100 / 500) * 100.
Step 7: Perform the division: 100 / 500 = 0.2.
Step 8: Multiply by 100 to find the percentage: 0.2 * 100 = 20%.
Step 9: Conclude that the gain percentage is 20%.