Money is useful for purchasing things like chocolates, pencils, vegetables, etc. In India we have currency in rupees and paisa.
Here are some coins and notes we use in India:
Conversion of Money: Here we will learn the ways to convert rupees into paisa and vice versa.
Example 1: Convert 5.09 rupees into paisa
Solution: We know that 1 rupee = 100 paisa
Therefore, 5.09 rupee = 5.09×100 = 509 paisa
Example 2: Convert 78 paisa into rupees
Solution: We know that 1 paisa = 1/100 rupees
Therefore, 78 paisa = 78/100 = 0.78 rupee
- Convert the following amounts into paisa:
- Convert the following amounts into rupees:
- 775 paisa
- 38 paisa
- 3099 paisa
Some Important Terms and Formulae
- Cost Price: The price at which an article is purchased, is called its cost price. It is denoted by CP.
- Selling Price: The price at which any article is sold, is called its selling price. It is denoted by SP
- Profit: When the SP is more than CP, profit exists. It is defined as the difference between SP and CP.
- Loss: When the CP is more than SP, then the article is sold at a loss. It is the difference between CP and SP.
Example: Radhika bought a TV for Rs 23,500 and sold at a loss of Rs 4,780. Find the selling price.
Solution: CP = Rs 23,500
Loss = Rs 4,780
SP = CP – Loss = Rs (23,500 – 4,780) = Rs 18,720
- 1 rupee = 100 paisa
- Profit = Selling price – Cost Price
- Loss = Cost Price – Selling Price
- Profit % = [(Profit / CP)×100] %
- Loss % = [(Loss / CP)×100] %