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To find the profit or loss percentage, we can use the following formulas:
1. To determine the profit percentage:
If the profit and the cost price of the product are given, we can find the profit percentage.
Profit \(\% =\) \(\frac{\text{Profit}}{\text{Cost price}}\)\(\times100\)
2. To determine the loss percentage:
If the loss and the product's cost price are given, we can find the loss percentage.
Loss \(\% =\) \(\frac{\text{Loss}}{\text{Cost price}}\)\(\times100\)
If any two values are known in the above formulas, we can figure out the other values by simply rearranging the formulas.
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