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If a person earns a profit of 20% on a calendar that costs $50, what is the sell

Practice Questions

Q1
If a person earns a profit of 20% on a calendar that costs $50, what is the selling price?
  1. $60
  2. $70
  3. $50
  4. $40

Questions & Step-by-Step Solutions

If a person earns a profit of 20% on a calendar that costs $50, what is the selling price?
  • Step 1: Identify the cost price of the calendar, which is $50.
  • Step 2: Calculate the profit percentage, which is 20%.
  • Step 3: Find out what 20% of the cost price is. To do this, multiply the cost price by 20% (or 0.20). So, 20% of $50 is $50 * 0.20 = $10.
  • Step 4: Add the profit to the cost price to find the selling price. So, Selling Price = Cost Price + Profit = $50 + $10.
  • Step 5: Calculate the final selling price, which is $60.
  • Profit Calculation – Understanding how to calculate profit as a percentage of the cost price and how to derive the selling price from it.
  • Cost Price vs Selling Price – Differentiating between the cost price of an item and its selling price after profit is added.
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