An article when sold for ₦230.00 makes a 15% profit. Find the profit or loss…

Explanation

First S.P = ₦230.00

% profit = 15%

% profit = \(\frac{S.P - C.P}{C.P}\) x 100%

⇒ 15% = \(\frac{230 - C.P}{C.P}\) x 100%

⇒ \(\frac{15}{100}= \frac{230 - C.P}{C.P}\)

⇒15C.P = 100 (230 - C.P)

⇒15C.P = 23000 - 100C.P

⇒15C.P + 100C.P = 23000

⇒115C.P = 23000

⇒ C.P = \(\frac{23000}{115}\) = ₦200.00

Second S.P = ₦180.00

Since C.P is greater than S.P, therefore it's a loss

% loss = \(\frac{C.P - S.P}{C.P}\) x 100%

⇒ \(\frac{200 - 180}{200}\) x 100%

⇒ \(\frac{20}{200}\) x 100%

⇒ \(\frac{1}{10}\) x 100% = 10%

∴ It's a loss of 10%

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