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WEEK 3
TOPIC: COMPOUND INTEREST
CONTENTS:
- Profit and loss (revision)
- Simple interest (revision)
- Compound interest
- Word problems.
PROFIT AND LOSS (REVISION)
When any transaction is done, we either make profit or a loss. When an article is sold at a price greater than the price it was bought, then a profit is made. On the other hand, if an article is sold at a price less than the cost, we have made a loss.
Hence,
Profit = selling price – cost price
Loss = Cost price – selling price
In commercial transactions, profit and loss are usually expressed as a percentage of the cost price.
That is,
profit percent = profit/cost price X 100%
loss percent = loss/cost price X 100%
Examples:
- A trader bought a book for N75 and sold it for N What is the profit percent?
Solution
Cost price = N75
Selling price = N86
Profit = selling price – cost price
= N86- N75 = N11
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