Percent means ‘per hundred’ or out of hundred. Percentage is another way of comparing ratios that compares to hundred.
A change in a quantity can be positive, which means an increase, or negative, which means a decrease. A discount is a price reduction offered on the marked price. Discounts are offered by shopkeepers to attract customers to buy goods and thereby increase sales.
Discount = Marked price (MP) – Sale price (SP) A discount is, in fact a percentage decrease, because the amount of change or discount is compared with the initial price or marked price.
Profit and loss depend on cost price and selling price. If cost price is less than selling price, there is a profit. Profit is calculated by subtracting cost price from selling price. Profit = SP – CP
If cost price is greater than selling price, then there is a loss. Loss is calculated by subtracting selling price from cost price. Loss = CP – SP.
Ex: The price of a scooter was Rs 34,000 last year. It has increased by 20% this year. What is the price now?
Sol: The increase in the price 20% of Rs 34000 =
= = Rs 6800 New price = Old price + Increase = Rs 34,000 + Rs 6,800 = Rs 40,800
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