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A retailer buys a bicycle for $300 and sells it for $360. What is the profit per
A retailer buys a bicycle for $300 and sells it for $360. What is the profit percentage? (2023)
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Practice Questions
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Q1
A retailer buys a bicycle for $300 and sells it for $360. What is the profit percentage? (2023)
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Profit = Selling Price - Cost Price = 360 - 300 = 60. Profit Percentage = (Profit/Cost Price) * 100 = (60/300) * 100 = 20%.
Questions & Step-by-step Solutions
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Q
Q: A retailer buys a bicycle for $300 and sells it for $360. What is the profit percentage? (2023)
Solution:
Profit = Selling Price - Cost Price = 360 - 300 = 60. Profit Percentage = (Profit/Cost Price) * 100 = (60/300) * 100 = 20%.
Steps: 7
Show Steps
Step 1: Identify the Cost Price (CP) of the bicycle, which is $300.
Step 2: Identify the Selling Price (SP) of the bicycle, which is $360.
Step 3: Calculate the Profit by subtracting the Cost Price from the Selling Price: Profit = SP - CP = 360 - 300.
Step 4: Calculate the Profit: Profit = 60.
Step 5: Calculate the Profit Percentage using the formula: Profit Percentage = (Profit / Cost Price) * 100.
Step 6: Substitute the values into the formula: Profit Percentage = (60 / 300) * 100.
Step 7: Calculate the Profit Percentage: Profit Percentage = 20%.
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