If a product costs $120 and is sold at a 15% profit, what is the selling price?

₹0.0

Question: If a product costs $120 and is sold at a 15% profit, what is the selling price?

Options:

Correct Answer: $138

Solution:

Selling Price = Cost Price + Profit = 120 + (15/100 * 120) = 120 + 18 = 138

If a product costs $120 and is sold at a 15% profit, what is the selling price?

If a product costs $120 and is sold at a 15% profit, what is the selling price?

Step 1: Identify the cost price of the product, which is $120.
Step 2: Determine the profit percentage, which is 15%.
Step 3: Calculate the profit amount by multiplying the cost price by the profit percentage (15% of $120).
Step 4: Convert the percentage to a decimal by dividing by 100: 15/100 = 0.15.
Step 5: Multiply the cost price by the decimal: 120 * 0.15 = $18.
Step 6: Add the profit amount to the cost price to find the selling price: $120 + $18 = $138.

Cost Price – The initial price of the product before any profit is added.
Profit Percentage – The percentage of the cost price that represents the profit made on the sale.
Selling Price – The final price at which the product is sold, calculated by adding profit to the cost price.