A bicycle is bought for $200 and sold for $240. What is the gain percentage?

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Question: A bicycle is bought for $200 and sold for $240. What is the gain percentage?

Options:

Correct Answer: 20%

Solution:

Gain = Selling Price - Cost Price = 240 - 200 = 40. Gain Percentage = (Gain/Cost Price) * 100 = (40/200) * 100 = 20%.

A bicycle is bought for $200 and sold for $240. What is the gain percentage?

A bicycle is bought for $200 and sold for $240. What is the gain percentage?

Step 1: Identify the Cost Price (CP) of the bicycle, which is $200.
Step 2: Identify the Selling Price (SP) of the bicycle, which is $240.
Step 3: Calculate the Gain by subtracting the Cost Price from the Selling Price: Gain = SP - CP = 240 - 200.
Step 4: Perform the subtraction: Gain = 40.
Step 5: Calculate the Gain Percentage using the formula: Gain Percentage = (Gain / Cost Price) * 100.
Step 6: Substitute the values into the formula: Gain Percentage = (40 / 200) * 100.
Step 7: Perform the division: 40 / 200 = 0.2.
Step 8: Multiply by 100 to find the percentage: 0.2 * 100 = 20%.
Step 9: Conclude that the Gain Percentage is 20%.

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