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Profit and Loss Study Guide

Introduction to Profit and Loss

Profit and Loss refers to the financial concept of calculating the gain or loss made in a
business transaction.
It is an important topic in quantitative aptitude and is widely used in various business
and financial calculations.

Profit and Loss Percentage

Profit and loss percentage is a key concept in determining the percentage of profit or
loss made in a transaction.
It is calculated using the formula:
Profit Percentage = (Profit / Cost Price) * 100
Loss Percentage = (Loss / Cost Price) * 100

Calculating Selling Price

Selling price is the price at which a product or service is sold to customers.

It is calculated using the formula:
Selling Price = Cost Price + Profit

Example Problem:

Three bags A, B, and C have some mixture of green balls, blue balls, and yellow balls.
Bag A has 5 blue balls and the ratio of the green ball to blue ball is 2:1.
The probability of drawing a yellow ball out of bag A is 14/29.
The ratio of the green ball to blue ball in bag B is 1:2.
The number of yellow balls in bag B is 2 less than the number of green balls in bag A
and the number of green balls in bag B is 6.
The sum of the green balls and blue balls in bag C is 9 and the number of yellow balls
in bag C is 1 less than the number of yellow balls in bag B.
The number of green balls in bag C is 2 less than the yellow balls.
Two balls are drawn at random from bag C. The probability that both of them are blue
is ___.

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Solution:

Given information:
Bag A: 5 blue balls, green:blue ratio = 2:1
Bag B: green:blue ratio = 1:2, yellow balls = green balls - 2, green balls = 6
Bag C: green balls + blue balls = 9, yellow balls = yellow balls in bag B - 1, green balls
= yellow balls - 2
Calculating the probabilities:
Probability of drawing a yellow ball from bag A = 14/29
Probability of drawing a blue ball from bag C = blue balls in bag C / total balls in bag C
To calculate the probability of both balls being blue:
Multiply the probability of drawing a blue ball from bag C by itself.
Substitute the given values and calculate the probability.
The probability that both balls drawn from bag C are blue is ___.

This study guide provides an overview of the topic of Profit and Loss, focusing on subtopics
such as profit and loss percentage and calculating the selling price. It also includes an
example problem to demonstrate the application of these concepts. Use this guide to
prepare for your exam and ensure you have a strong understanding of Profit and Loss.

Profit and Loss Study Guide

Profit and Loss Percentage

Profit: The amount gained when the selling price is higher than the cost price.
Loss: The amount lost when the selling price is lower than the cost price.
Cost Price (CP): The price at which an item is bought or produced.
Selling Price (SP): The price at which an item is sold.
Profit Percentage: The percentage of profit earned on the cost price.
Loss Percentage: The percentage of loss incurred on the cost price.

Calculating Profit Percentage

Profit Percentage = (Profit / Cost Price) * 100

Calculating Loss Percentage

Loss Percentage = (Loss / Cost Price) * 100

Calculating Selling Price

Selling Price = Cost Price + Profit

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 Selling Price = Cost Price - Loss

This study guide covers the subtopics of Profit and Loss Percentage and Calculating Selling
Price. Profit and loss are financial concepts that involve understanding the difference
between the cost price and the selling price of an item. Profit is gained when the selling price
is higher than the cost price, while loss is incurred when the selling price is lower than the
cost price.

To calculate profit percentage, divide the profit by the cost price and multiply by 100. This will
give you the percentage of profit earned on the cost price. Similarly, to calculate loss
percentage, divide the loss by the cost price and multiply by 100. This will give you the
percentage of loss incurred on the cost price.

Calculating the selling price involves adding the profit to the cost price or subtracting the loss
from the cost price. The selling price is the price at which an item is sold.

By understanding these key concepts and formulas, you will be able to solve problems
related to profit and loss percentage and calculating the selling price.

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