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

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

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

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%.

Gain Calculation – Understanding how to calculate gain by subtracting cost price from selling price.
Percentage Calculation – Applying the formula for gain percentage, which involves dividing gain by cost price and multiplying by 100.