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A company's profit decreased by 20% this year. If the profit last year was $500,

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Question: A company\'s profit decreased by 20% this year. If the profit last year was $500,000, what is the profit this year?

Options:

  1. $400,000
  2. $450,000
  3. $480,000
  4. $500,000

Correct Answer: $400,000

Solution: 

Profit this year = Last Year Profit - (20% of Last Year Profit) = 500000 - (0.2 * 500000) = 500000 - 100000 = $400,000.

A company's profit decreased by 20% this year. If the profit last year was $500,

Practice Questions

Q1
A company's profit decreased by 20% this year. If the profit last year was $500,000, what is the profit this year?
  1. $400,000
  2. $450,000
  3. $480,000
  4. $500,000

Questions & Step-by-Step Solutions

A company's profit decreased by 20% this year. If the profit last year was $500,000, what is the profit this year?
  • Step 1: Identify last year's profit, which is $500,000.
  • Step 2: Calculate 20% of last year's profit. To do this, multiply $500,000 by 0.2 (which is 20% in decimal form).
  • Step 3: Perform the multiplication: 0.2 * 500000 = $100,000.
  • Step 4: Subtract the amount calculated in Step 3 from last year's profit. So, $500,000 - $100,000.
  • Step 5: Perform the subtraction: $500,000 - $100,000 = $400,000.
  • Step 6: The profit this year is $400,000.
  • Percentage Decrease – Understanding how to calculate a decrease in a value based on a percentage.
  • Basic Arithmetic – Performing subtraction and multiplication to find the new profit.
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