If a person buys a watch for $120 and sells it for $150, what is the percentage

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Question: If a person buys a watch for $120 and sells it for $150, what is the percentage profit?

Options:

Correct Answer: 25%

Solution:

Profit = Selling Price - Cost Price = 150 - 120 = $30. Percentage Profit = (Profit/Cost Price) × 100 = (30/120) × 100 = 25%.

If a person buys a watch for $120 and sells it for $150, what is the percentage profit?

If a person buys a watch for $120 and sells it for $150, what is the percentage profit?

Step 1: Identify the cost price of the watch, which is $120.
Step 2: Identify the selling price of the watch, which is $150.
Step 3: Calculate the profit by subtracting the cost price from the selling price: Profit = Selling Price - Cost Price = 150 - 120.
Step 4: The profit is $30.
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 = (30 / 120) × 100.
Step 7: Calculate the percentage: (30 / 120) = 0.25, then multiply by 100 to get 25%.
Step 8: The percentage profit is 25%.

Profit Calculation – Understanding how to calculate profit by subtracting the cost price from the selling price.
Percentage Calculation – Calculating percentage profit by dividing profit by cost price and multiplying by 100.