1. **Stating the problem:** We know the selling price (SP) is 28.14, the profit or loss percentage based on cost price (CP) is 17.25%, and we need to find the cost price and the profit or loss amount. 2. **Formula used:** Profit or Loss percentage based on cost price is given by: $$\text{Profit\%} = \frac{\text{Profit}}{\text{Cost Price}} \times 100$$ 3. **Important rules:** - If profit percentage is positive, it means profit. - If profit percentage is negative, it means loss. - Selling Price = Cost Price + Profit (if profit) or Cost Price - Loss (if loss). 4. **Calculations:** Let the cost price be $x$. Given profit percentage = 17.25%, so profit = $0.1725x$. Selling price = Cost price + Profit $$28.14 = x + 0.1725x = 1.1725x$$ 5. **Solving for cost price:** $$x = \frac{28.14}{1.1725}$$ Calculate: $$x \approx 24.00$$ 6. **Finding profit amount:** $$\text{Profit} = 28.14 - 24.00 = 4.14$$ 7. **Summary:** - Cost Price = 24.00 - Profit = 4.14 - Profit percentage based on selling price (optional) = $$\frac{4.14}{28.14} \times 100 \approx 14.71\%$$