A man buys a bicycle for $300 and sells it for $360. What is his profit percenta

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Question: A man buys a bicycle for $300 and sells it for $360. What is his profit percentage?

Options:

Correct Answer: 20%

Solution:

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

A man buys a bicycle for $300 and sells it for $360. What is his profit percentage?

A man buys a bicycle for $300 and sells it for $360. What is his profit percentage?

Step 1: Identify the cost price of the bicycle, which is $300.
Step 2: Identify the selling price of the bicycle, which is $360.
Step 3: Calculate the profit by subtracting the cost price from the selling price: Profit = Selling Price - Cost Price = 360 - 300.
Step 4: Calculate the profit amount: Profit = $60.
Step 5: Calculate the profit percentage using the formula: Profit Percentage = (Profit / Cost Price) * 100.
Step 6: Substitute the values into the formula: Profit Percentage = (60 / 300) * 100.
Step 7: Calculate the profit percentage: Profit Percentage = 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.