A shopkeeper buys a book for Rs 120 and sells it for Rs 150. Find the profit percent.
Answer: The profit percent is 25%.
Step-by-step solution
Step 1: Identify Cost Price and Selling Price
First, we need to identify the cost price (CP) and the selling price (SP) from the given problem statement. The cost price is the amount the shopkeeper paid for the book, and the selling price is the amount for which he sold it.
Step 2: Calculate Profit
Profit is calculated by subtracting the cost price from the selling price. If the selling price is greater than the cost price, there is a profit.
Step 3: Calculate Profit Percent
To find the profit percent, we divide the profit by the cost price and then multiply the result by 100. This expresses the profit as a percentage of the original cost.
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