A man bought a bicycle for $500 and sold it for $600. What is the percentage pro

₹0.0

Question: A man bought a bicycle for $500 and sold it for $600. What is the percentage profit?

Options:

Correct Answer: 25%

Solution:

Profit = Selling Price - Cost Price = 600 - 500 = 100. Percentage Profit = (Profit / Cost Price) * 100 = (100 / 500) * 100 = 20%.

A man bought a bicycle for $500 and sold it for $600. What is the percentage profit?

A man bought a bicycle for $500 and sold it for $600. What is the percentage profit?

Step 1: Identify the cost price of the bicycle. The cost price is $500.
Step 2: Identify the selling price of the bicycle. The selling price is $600.
Step 3: Calculate the profit by subtracting the cost price from the selling price. Profit = Selling Price - Cost Price = 600 - 500.
Step 4: Calculate the profit amount. Profit = 100.
Step 5: To find the percentage profit, divide the profit by the cost price. Percentage Profit = Profit / Cost Price.
Step 6: Substitute the values into the formula. Percentage Profit = 100 / 500.
Step 7: Calculate the result of the division. 100 / 500 = 0.2.
Step 8: To convert the decimal to a percentage, multiply by 100. 0.2 * 100 = 20%.
Step 9: The percentage profit is 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.