A retailer bought a bicycle for $300 and sold it for $360. What is the profit pe

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Question: A retailer bought a bicycle for $300 and sold it for $360. What is the profit percentage?

Options:

Correct Answer: 20%

Solution:

Profit = Selling Price - Cost Price = $360 - $300 = $60. Profit Percentage = (Profit / Cost Price) * 100 = ($60 / $300) * 100 = 20%.

A retailer bought a bicycle for $300 and sold it for $360. What is the profit percentage?

A retailer bought a bicycle for $300 and sold it for $360. What is the profit percentage?

Step 1: Identify the Cost Price of the bicycle, which is $300.
Step 2: Identify the Selling Price of the bicycle, which is $360.
Step 3: Calculate the Profit by subtracting the Cost Price from the Selling Price: $360 - $300.
Step 4: The Profit is $60.
Step 5: To find the Profit Percentage, divide the Profit by the Cost Price: $60 / $300.
Step 6: Calculate the result of the division: $60 / $300 = 0.2.
Step 7: Convert the decimal to a percentage by multiplying by 100: 0.2 * 100.
Step 8: The Profit Percentage is 20%.

Profit Calculation – Understanding how to calculate profit by subtracting the cost price from the selling price.
Profit Percentage – Calculating profit percentage using the formula (Profit / Cost Price) * 100.