Asif buys an old bike for Rs. 27,500 and spends Rs. 950 on its repairs. If he sells the bike for Rs. 34,000, find his profit percent.

Given:

Cost Price(CP) of the bike = (Purchased price) + (Repair cost)

CP = 27,500 + 950 = Rs. 28,450

Selling Price(SP) = Rs. 34,000

So,

$\mathrm{Profit} = \mathrm{SP} - \mathrm{CP}$

Profit = 34,000 - 28,450 = Rs. 5,550

$\mathbf{Profit}\mathbf{ }\mathbf{\%}\mathbf{=}\left(\frac{\mathrm{Profit}}{\mathrm{CP}}\right)\mathbf{\times }\mathbf{100}$

$\mathrm{Profit} \%=\left(\frac{5,550}{28450}\right)\times 100$

$\mathbf{Profit}\mathbf{ }\mathbf{\%}\mathbf{ }\mathbf{\cong }\mathbf{ }\mathbf{19}\mathbf{.}\mathbf{50}\mathbf{\%}$

Therefore, the profit percent is 19.50%.