Question:
John purchased a bicycle in an auction at $80 and sold it at $104. Calculate the profit and profit percent in this sale.
Correct Answer
$24 and 30%
Solution And Explanation
Solution
Given, Cost price (CP) = $80
Sale price (SP) = $104
Therefore, profit and profit % = ?
Calculation of profit, when cost price and sale price is known
Profit = Sale Price – Cost Price
∴ Profit = $104 – $80
⇒ Profit = $24
Calculation of profit% using formula, when profit and cost price is known
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
Calculation of profit% using Unitary Method, when profit and cost price is known
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
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