The cost price of an item is two third of the selling price.

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The cost price of an item is two third of the selling price. What is the gain of loss per cent on that item ?

let SP = N, then CP = 2N/3
Gain = (N - 2N/3) = N/3
&ther4; Gain % = [(N/3) / (2N/3)] x 100%
= (N/3) x (3/2N) x 100% = 50%