Theory:

To find the profit or loss percentage, we can use the following formulas:
 
1. To determine the profit percentage:
 
If the profit and the cost price of the product are given, we can find the profit percentage.
 
Profit \(\% =\) \(\frac{\text{Profit}}{\text{Cost price}}\)\(\times100\)
 
2. To determine the loss percentage:
 
If the loss and the product's cost price are given, we can find the loss percentage.
 
Loss \(\% =\) \(\frac{\text{Loss}}{\text{Cost price}}\)\(\times100\)
 
If any two values are known in the above formulas, we can figure out the other values by simply rearranging the formulas.