A person bought a shirt for $40 and sold it for $50. What is the profit percenta

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Question: A person bought a shirt for $40 and sold it for $50. What is the profit percentage?

Options:

Correct Answer: 25%

Solution:

Profit = Selling Price - Cost Price = $50 - $40 = $10; Profit Percentage = (Profit/Cost Price) × 100 = (10/40) × 100 = 25%.

A person bought a shirt for $40 and sold it for $50. What is the profit percentage?

A person bought a shirt for $40 and sold it for $50. What is the profit percentage?

Step 1: Identify the cost price of the shirt, which is $40.
Step 2: Identify the selling price of the shirt, which is $50.
Step 3: Calculate the profit by subtracting the cost price from the selling price: Profit = Selling Price - Cost Price = $50 - $40.
Step 4: Calculate the profit amount: Profit = $10.
Step 5: To find the profit percentage, use the formula: Profit Percentage = (Profit / Cost Price) × 100.
Step 6: Substitute the values into the formula: Profit Percentage = ($10 / $40) × 100.
Step 7: Calculate the fraction: $10 / $40 = 0.25.
Step 8: Multiply by 100 to get the percentage: 0.25 × 100 = 25%.
Step 9: The profit percentage is 25%.

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.