A shopkeeper bought an article for $200 and sold it for $240. What is the profit

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Question: A shopkeeper bought an article for $200 and sold it for $240. What is the profit percentage?

Options:

Correct Answer: 20%

Solution:

Profit = Selling Price - Cost Price = 240 - 200 = $40. Profit percentage = (40 / 200) * 100 = 20%.

A shopkeeper bought an article for $200 and sold it for $240. What is the profit percentage?

A shopkeeper bought an article for $200 and sold it for $240. What is the profit percentage?

Step 1: Identify the cost price of the article. The cost price is $200.
Step 2: Identify the selling price of the article. The selling price is $240.
Step 3: Calculate the profit by subtracting the cost price from the selling price. Profit = Selling Price - Cost Price = 240 - 200.
Step 4: Calculate the profit amount. Profit = $40.
Step 5: To find the profit percentage, divide the profit by the cost price. Profit Percentage = Profit / Cost Price = 40 / 200.
Step 6: Calculate the division. 40 / 200 = 0.2.
Step 7: Convert the decimal to a percentage by multiplying by 100. 0.2 * 100 = 20%.
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.