A person buys a shirt for Rs. 500 and sells it for Rs. 600. What is the profit p

A person buys a shirt for Rs. 500 and sells it for Rs. 600. What is the profit percentage?

A person buys a shirt for Rs. 500 and sells it for Rs. 600. What is the profit percentage?

Step 1: Identify the cost price of the shirt, which is Rs. 500.
Step 2: Identify the selling price of the shirt, which is Rs. 600.
Step 3: Calculate the profit by subtracting the cost price from the selling price: Profit = Selling Price - Cost Price = 600 - 500.
Step 4: The profit calculated is Rs. 100.
Step 5: To find the profit percentage, use the formula: Profit Percentage = (Profit / Cost Price) * 100.
Step 6: Substitute the values into the formula: Profit Percentage = (100 / 500) * 100.
Step 7: Calculate the profit percentage: (100 / 500) = 0.2, then multiply by 100 to get 20%.
Step 8: The profit percentage is 20%.

Profit Calculation – Understanding how to calculate profit by subtracting the cost price from the selling price.
Profit Percentage – Calculating profit percentage using the formula (Profit/Cost Price) * 100.