Question : If Robert purchased a TV set in an auction at $250 and sold it at $300, then calculate the profit earned and profit percent in this sale.
Correct Answer Profit = $50 & Profit% = 20%
Solution & Explanation
Solution
Given, Cost price (CP) = $250
Sale price (SP) = $300
Therefore, profit and profit % = ?
Calculation of profit, when cost price and sale price is known
Profit = Sale Price – Cost Price
∴ Profit = $300 – $250
⇒ Profit = $50
Calculation of profit% using formula, when profit and cost price is known
Profit% = Profit × 100/Cost price
Here, profit = $50
And, Cost Price = $250
∴ Profit% = 50 × 100/250
∴ Profit% = 50 × 20 × 5/250 × 5
⇒ Profit = 20%
Therefore, Profit = $50 and Profit% = 20% Answer
Calculation of profit% using Unitary Method, when profit and cost price is known
Here, profit = $50
And, Cost Price = $250
∵ In $250, profit = $50
∴ In $1, profit = 50/250 = 1/5
∴ In $100, profit = 1/ 5 × 100 20
∴ Profit% = 20%
Therefore, Profit = $50 and Profit% = 20% Answer
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