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A retailer buys a watch for $300 and sells it at a profit of 15%. What is the se

Practice Questions

Q1
A retailer buys a watch for $300 and sells it at a profit of 15%. What is the selling price?
  1. $345
  2. $350
  3. $360
  4. $375

Questions & Step-by-Step Solutions

A retailer buys a watch for $300 and sells it at a profit of 15%. What is the selling price?
  • Step 1: Identify the cost price of the watch, which is $300.
  • Step 2: Calculate the profit by finding 15% of the cost price. This is done by multiplying $300 by 0.15.
  • Step 3: Perform the multiplication: $300 * 0.15 = $45. This is the profit.
  • Step 4: Add the profit to the cost price to find the selling price. This is done by adding $300 and $45.
  • Step 5: Perform the addition: $300 + $45 = $345. This is the selling price.
  • Profit Calculation – Understanding how to calculate profit as a percentage of the cost price and how it affects the selling price.
  • Selling Price Determination – Knowing how to derive the selling price by adding profit to the cost price.
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