A person bought a watch for $240 and sold it for $300. What is the profit percen

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Question: A person bought a watch for $240 and sold it for $300. What is the profit percentage?

Options:

Correct Answer: 25%

Solution:

Profit = Selling price - Cost price = 300 - 240 = $60. Profit percentage = (Profit / Cost price) × 100 = (60 / 240) × 100 = 25%.

A person bought a watch for $240 and sold it for $300. What is the profit percentage?

A person bought a watch for $240 and sold it for $300. What is the profit percentage?

Step 1: Identify the cost price of the watch, which is $240.
Step 2: Identify the selling price of the watch, which is $300.
Step 3: Calculate the profit by subtracting the cost price from the selling price: Profit = Selling price - Cost price = 300 - 240.
Step 4: Calculate the profit amount: Profit = $60.
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 / 240) × 100.
Step 7: Calculate the profit percentage: Profit percentage = 0.25 × 100.
Step 8: The final 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.