A person bought a bicycle for $120 and sold it for $150. What was the percentage

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Question: A person bought a bicycle for $120 and sold it for $150. What was the percentage profit?

Options:

Correct Answer: 25%

Solution:

Profit = Selling Price - Cost Price = $150 - $120 = $30. Percentage profit = (Profit / Cost Price) × 100 = (30/120) × 100 = 25%.

A person bought a bicycle for $120 and sold it for $150. What was the percentage profit?

A person bought a bicycle for $120 and sold it for $150. What was the percentage profit?

Step 1: Identify the cost price of the bicycle, which is $120.
Step 2: Identify the selling price of the bicycle, which is $150.
Step 3: Calculate the profit by subtracting the cost price from the selling price: $150 - $120.
Step 4: The profit is $30.
Step 5: To find the percentage profit, divide the profit by the cost price: $30 / $120.
Step 6: Calculate the result of the division: 30 divided by 120 equals 0.25.
Step 7: To convert this to a percentage, multiply by 100: 0.25 × 100.
Step 8: The percentage profit is 25%.

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.