A person bought a watch for $300 and sold it for $360. What is the profit percen

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

Options:

Correct Answer: 20%

Solution:

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

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

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

Step 1: Identify the cost price of the watch, which is $300.
Step 2: Identify the selling price of the watch, which is $360.
Step 3: Calculate the profit by subtracting the cost price from the selling price: 360 - 300.
Step 4: The profit is $60.
Step 5: To find the profit percentage, divide the profit by the cost price: 60 / 300.
Step 6: Calculate the result of the division: 60 / 300 = 0.2.
Step 7: To convert this to a percentage, multiply by 100: 0.2 * 100.
Step 8: The profit percentage is 20%.

Profit Calculation – Understanding how to calculate profit by subtracting the cost price from the selling price.
Profit Percentage – Calculating profit percentage using the formula (Profit / Cost Price) * 100.