If a trader makes a profit of 15% on an item that costs $80, what is the selling

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Question: If a trader makes a profit of 15% on an item that costs $80, what is the selling price?

Options:

Correct Answer: $92

Solution:

Profit = 15% of 80 = 0.15 * 80 = 12. Selling Price = Cost Price + Profit = 80 + 12 = 92.

If a trader makes a profit of 15% on an item that costs $80, what is the selling price?

If a trader makes a profit of 15% on an item that costs $80, what is the selling price?

Step 1: Identify the cost price of the item, which is $80.
Step 2: Calculate the profit by finding 15% of the cost price. This is done by multiplying 0.15 by 80.
Step 3: Perform the multiplication: 0.15 * 80 = 12. This means the profit is $12.
Step 4: Calculate the selling price by adding the profit to the cost price. This is done by adding 80 (cost price) and 12 (profit).
Step 5: Perform the addition: 80 + 12 = 92. This means the selling price is $92.

Profit Calculation – Understanding how to calculate profit as a percentage of the cost price.
Selling Price Determination – Knowing how to find the selling price by adding profit to the cost price.