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A retailer buys a cooler for Rs 1200 and overhead expenses on it are Rs 40. If he sells the cooler for Rs 1550, determine his profit percent.

Answer:

We know the cost price of cooler = Rs 1200

Overhead expenses = Rs 40

Total cost = Rs 1200 + Rs 40 = Rs 1240

Selling price of cooler = Rs 1550

By using the formula,

Gain = selling price – cost price

= Rs 1550 - Rs1240

= Rs 310

By using the formula,

Gain % = (gain/cost price) × 100

= 310/1240 × 100

= 25%

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