A man bought a bicycle for $120 and sold it for $150. What is his profit percent

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Question: A man bought a bicycle for $120 and sold it for $150. What is his profit percentage?

Options:

Correct Answer: 25%

Solution:

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

A man bought a bicycle for $120 and sold it for $150. What is his profit percentage?

A man bought a bicycle for $120 and sold it for $150. What is his profit percentage?

Step 1: Identify the Cost Price (CP) of the bicycle, which is $120.
Step 2: Identify the Selling Price (SP) of the bicycle, which is $150.
Step 3: Calculate the Profit by subtracting the Cost Price from the Selling Price: Profit = SP - CP = 150 - 120.
Step 4: Calculate the Profit: Profit = 30.
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 = (30 / 120) * 100.
Step 7: Simplify the fraction: 30 / 120 = 0.25.
Step 8: Multiply by 100 to find the percentage: 0.25 * 100 = 25%.
Step 9: Conclude that the profit percentage is 25%.

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.