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A person buys a shirt for $40 and sells it for $50. What is the percentage profi
A person buys a shirt for $40 and sells it for $50. What is the percentage profit?
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Q1
A person buys a shirt for $40 and sells it for $50. What is the percentage profit?
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Profit = Selling price - Cost price = 50 - 40 = 10. Percentage profit = (Profit/Cost price) * 100 = (10/40) * 100 = 25%.
Questions & Step-by-step Solutions
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Q: A person buys a shirt for $40 and sells it for $50. What is the percentage profit?
Solution:
Profit = Selling price - Cost price = 50 - 40 = 10. Percentage profit = (Profit/Cost price) * 100 = (10/40) * 100 = 25%.
Steps: 9
Show Steps
Step 1: Identify the cost price of the shirt, which is $40.
Step 2: Identify the selling price of the shirt, which is $50.
Step 3: Calculate the profit by subtracting the cost price from the selling price: Profit = Selling price - Cost price = 50 - 40.
Step 4: The profit is $10.
Step 5: To find the percentage profit, use the formula: Percentage profit = (Profit / Cost price) * 100.
Step 6: Substitute the values into the formula: Percentage profit = (10 / 40) * 100.
Step 7: Calculate (10 / 40) which equals 0.25.
Step 8: Multiply 0.25 by 100 to get the percentage profit: 0.25 * 100 = 25%.
Step 9: The percentage profit is 25%.
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