A person bought a bicycle for $300 and sold it for $360. What is the profit perc

₹0.0

Question: A person bought a bicycle for $300 and sold it for $360. What is the profit percentage?

Options:

Correct Answer: 20%

Solution:

Profit = Selling Price - Cost Price = 360 - 300 = $60. Profit Percentage = (Profit / Cost Price) × 100 = (60 / 300) × 100 = 20%.

A person bought a bicycle for $300 and sold it for $360. What is the profit percentage?

A person bought a bicycle for $300 and sold it for $360. What is the profit percentage?

Step 1: Identify the cost price of the bicycle, which is $300.
Step 2: Identify the selling price of the bicycle, which is $360.
Step 3: Calculate the profit by subtracting the cost price from the selling price: Profit = Selling Price - Cost Price = 360 - 300.
Step 4: Calculate the profit: Profit = 60 dollars.
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 = (60 / 300) × 100.
Step 7: Calculate the profit percentage: Profit Percentage = 0.2 × 100.
Step 8: The final profit percentage is 20%.

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.