mcqs Math Profit And Loss John purchased a bicycle in an auction at $80 and sold it at $104. Calculate the profit and profit percent in this sale. 144

Question: John purchased a bicycle in an auction at $80 and sold it at $104. Calculate the profit and profit percent in this sale.

(A)  $24 and 24%
(B)  $24 and 25%
(C)  $24 and 30%
(D)  $24 and 20%

Correct Answer $24 and 30%

Solution And Explanation

Solution

Given, Cost price (CP) = $80

Sale price (SP) = $104

Therefore, profit and profit % = ?

Profit = Sale Price – Cost Price

∴ Profit = $104 – $80

⇒ Profit = $24

Profit% = ^{Profit × 100}/_{Cost price}

Here, profit = $24

And, Cost Price = $80

∴ Profit% = ^{24 × 100}/₈₀

= ^{8 × 3 × 10 × 10}/_{8 × 10}

= 3 × 10 = 30%

Therefore, Profit = $24 and Profit% = 30% Answer

Here, profit = $24

And, Cost Price = $80

∵ In $80, profit = $24

∴ In $1, profit = ²⁴/₈₀

∴ In $100, profit = ²⁴/₈₀ × 100

= ^{8 × 3 × 10 × 10}/_{8 × 10}

= 3 × 10 = 30%

Therefore, Profit = $24 and Profit% = 30% Answer