MATHEMATICS
Last Week’s answers:
Exercise 1
1. $60 2. $75 3. $48.25 4. $6 5. $175 6. $550
Activity 2
1. $1325 2. $605 3. $9,600 4. $800 5. $640 6. $60,000
Exercise 3 a. S.P= $2,800 L= $0 b. S.P= $1,600 P= $0 c. C.P= $ 2,800 L=$0 d. C.P= $1,650 P=$0 e. S.P= $4,400 L=$0 f. S.P= $1,020 P=$0 g. C.P= $1,405 L=$0 h. C.P= $6,390 P=$0
Profit and Loss (cont’d)
Hello boys and girls,
Welcome back. I trust that you had a splendid week. Last week we looked at the basic concept of profit and loss. This week we will dive deeper into the topic by examining its percentage aspect.
Remain focused, and let’s begin.
Percentage Gain and Percentage Loss
In some cases, after the profit or loss is calculated, it is converted in the form of a percentage. It is used to express the amount of profit or loss incurred in the form of a percentage.
Profit Percentage
Profit percentage (%) is the amount of profit expressed in terms of percentage. This profit is based on the cost price, hence, the formula to find the profit percentage is:
Profit % = Profit/Cost Price × 100.
Let us apply this formula in the following example:
Example 1: A shopkeeper bought a pack of pencils for $25 and sold it for $30. Calculate the profit and the profit percentage.
Solution:
Cost price of the pack of pencils = $25; Selling price = $30
Using the Profit Formula: Profit = Selling Price Cost Price
Profit = $30 - $25 = $5
Using the Profit Percentage Formula: Profit Percentage = (Profit/Cost Price) × 100
Profit Percentage = (5/25) × 100 = 20%
Therefore, the profit earned in the deal is of $5 and the profit percentage is 20%.
Do you understand? I know you do!
All you need to do is use the formula as a guide.
Okay boys and girls, let us now examine how we can calculate the percentage loss!
Loss Percentage
Loss percentage refers to the amount of loss incurred which is expressed or calculated in percentage.
The formula to calculate the loss percentage is: Loss % = Loss/Cost Price × 100.
Let’s work an example! Example 1
A shopkeeper buys juice cans in bulk for $30 each. He sells them for $20 each. Using the profit loss formula, calculate the loss and the loss percentage.
Solution:
To find: Loss and Loss Percentage
Given: Selling price = $20; Cost price = $30 Using the loss formula:
Loss = CP - SP
Loss = $30 - $20 = $10
Using Loss Percentage Formula: Loss% = (loss/CP) × 100
Loss Percentage = (10 /30) × 100 = 33.33%
Answer: Loss = $10 and loss percentage = 33.33%.
Let’s now apply the knowledge we have learned by calculating the following problems.
Activity 1
Find the gain or Loss percent when: 1. Cost Price = $ 350 and Selling Price = $ 400 2. Cost Price = $ 250 and Selling Price = $ 235 3. Cost Price = $ 300 and Profit = $ 75 4. Cost Price = $ 720 and Loss = $ 63 5. Selling Price =$ 1518 and Loss = $ 132 6. Selling price = $ 540 and Gain = $ 60
Great job boys and girls! Let’s now apply the same principle learned in the following worded scenarios!
Activity 2
Calculate the percentage profit/ percentage loss in the following:
1. Andy purchased 120 pencils at the rate of $2 per pencil. He sold 72 of them at the rate of $2.5 per pencil and the remaining at the rate of $2 per pencil. Find his profit or loss percentage.
2. The cost price of 10 bananas is equal to the S.P. of 12 bananas. Find the loss percentage.
3. Ron purchased a table for $ 1260 and due to some scratches on its top he had to sell it for $ 1197. Find his loss percentage.
4. Mike bought a DVD for $ 750 and sold it for $ 875. Find Mike’s gain percentage.
Now that we have covered the entire concept of profit and loss along with the percentage aspect of same, let me test your general knowledge of the topic to see how much you have learned!
Let’s sum it up by taking quiz below!
Profit and Loss Quiz
1. The profit percent is found as a percent of a. Profit b. Selling Price c. Cost Price d. Sale Price
2. What is the profit percentage if Tony buys a watch for $50 and sells it for $60? a. 20% b. 25% c. 16.6% d. 16.7%
3. If James sells his car for $1,000 and bought it for $2500, what is the percentage of loss made on the car. a. 15% b. 10% c. 60% d. 150%
4. Calculate the profit percentage if an item is bought for $42 and sold for $52.50 a. 20% b. 25% c. 80% d. 22%
5. If an object is bought for $90 and then sold for a loss of 15%. How much was it sold for? a. $103.50 b. $80 c. $75 d. $76.50
6. If an object is bought for $65 and sold for 20% profit how much was the object sold for? a. 78 b. 68 c. 85 d. 52
7. Katie earns $6 per hour in her part time job. She gets a pay rise of 5%. What is her new hourly pay? a. $6.60 b. $6.30 c. $0.30 d. $6.50
8.
My class size has increased by 35% this year. I had 20 students last year. How many do I have now?
a. 23 b. 25 c. 27 d. 29
That’s all for today boys and girls. We have come to the end of the first school term for the academic year 2022-2023, hence this is our final session until school reopens in January of 2023. I sincerely hope that you have found the various ideas discussed to be useful, and I am looking forward to your continued participation in the upcoming academic term. Stay safe, and happy holidays in advance!