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If a product costs $50 and is sold at a 20% profit, what is the selling price?

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Question: If a product costs $50 and is sold at a 20% profit, what is the selling price?

Options:

  1. $60
  2. $55
  3. $50
  4. $65

Correct Answer: $55

Solution: 

Selling Price = Cost Price + Profit = 50 + (20% of 50) = 50 + 10 = $60

If a product costs $50 and is sold at a 20% profit, what is the selling price?

Practice Questions

Q1
If a product costs $50 and is sold at a 20% profit, what is the selling price?
  1. $60
  2. $55
  3. $50
  4. $65

Questions & Step-by-Step Solutions

If a product costs $50 and is sold at a 20% profit, what is the selling price?
  • Step 1: Identify the cost price of the product, which is $50.
  • Step 2: Calculate the profit percentage, which is 20%.
  • Step 3: Find the amount of profit by calculating 20% of the cost price: 20% of $50 is $10.
  • Step 4: Add the profit to the cost price to find the selling price: $50 (cost price) + $10 (profit) = $60.
  • Step 5: The selling price of the product is $60.
  • Cost Price and Selling Price – Understanding the relationship between cost price, profit, and selling price.
  • Percentage Calculation – Calculating a percentage of a number to determine profit.
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