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If a painting costs $300 and the artist sells it for a 20% profit, what is the s

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Question: If a painting costs $300 and the artist sells it for a 20% profit, what is the selling price?

Options:

  1. $360
  2. $300
  3. $240
  4. $320

Correct Answer: $360

Solution: 

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

If a painting costs $300 and the artist sells it for a 20% profit, what is the s

Practice Questions

Q1
If a painting costs $300 and the artist sells it for a 20% profit, what is the selling price?
  1. $360
  2. $300
  3. $240
  4. $320

Questions & Step-by-Step Solutions

If a painting costs $300 and the artist sells it for a 20% profit, what is the selling price?
  • Step 1: Identify the cost price of the painting, which is $300.
  • Step 2: Calculate the profit percentage, which is 20%.
  • Step 3: To find the profit amount, multiply the cost price by the profit percentage: 20/100 * 300.
  • Step 4: Calculate the profit amount: 20/100 * 300 = 60.
  • Step 5: Add the profit amount to the cost price to find the selling price: 300 + 60.
  • Step 6: Calculate the selling price: 300 + 60 = $360.
  • Profit Calculation – Understanding how to calculate profit as a percentage of the cost price and how to derive the selling price from it.
  • Percentage Application – Applying percentage calculations to real-world scenarios, specifically in financial contexts.
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