A person buys a shirt for $40 and sells it for $50. What is the percentage profi

A person buys a shirt for $40 and sells it for $50. What is the percentage profit made on the shirt?

A person buys a shirt for $40 and sells it for $50. What is the percentage profit made on the shirt?

Step 1: Identify the cost price of the shirt, which is $40.
Step 2: Identify the selling price of the shirt, which is $50.
Step 3: Calculate the profit by subtracting the cost price from the selling price: Profit = Selling Price - Cost Price = 50 - 40.
Step 4: The profit calculated is $10.
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 = (10 / 40) * 100.
Step 7: Calculate the percentage profit: (10 / 40) = 0.25, then multiply by 100 to get 25%.
Step 8: The percentage profit made on the shirt 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.