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

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

Options:

Correct Answer: 25%

Solution:

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

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

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

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: Profit = Selling Price - Cost Price = 360 - 300.
Step 4: Calculate the profit amount: Profit = $60.
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 = (60 / 300) × 100.
Step 7: Calculate the percentage profit: Percentage Profit = 0.2 × 100 = 20%.

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.