If the cost price of an item is $150 and it is sold for $180, what is the percen

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Question: If the cost price of an item is $150 and it is sold for $180, what is the percentage profit?

Options:

Correct Answer: 20%

Solution:

Profit = Selling Price - Cost Price = 180 - 150 = $30. Percentage Profit = (Profit / Cost Price) * 100 = (30 / 150) * 100 = 20%.

If the cost price of an item is $150 and it is sold for $180, what is the percentage profit?

If the cost price of an item is $150 and it is sold for $180, what is the percentage profit?

Step 1: Identify the cost price of the item, which is $150.
Step 2: Identify the selling price of the item, which is $180.
Step 3: Calculate the profit by subtracting the cost price from the selling price: Profit = Selling Price - Cost Price = 180 - 150.
Step 4: Calculate the profit amount: Profit = $30.
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 = (30 / 150) * 100.
Step 7: Calculate the percentage profit: Percentage Profit = 20%.

Profit Calculation – Understanding how to calculate profit by subtracting the cost price from the selling price.
Percentage Calculation – Knowing how to express profit as a percentage of the cost price.