mcqs Math Profit And Loss 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. 145

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.

(A)  Profit = $50 & Profit% = 30%
(B)  Profit = $50 & Profit% = 25%
(C)  Profit = $50 & Profit% = 20%
(D)  Profit = $50 & Profit% = 15%

Correct Answer Profit = $50 & Profit% = 20%

Solution And Explanation

Solution

Given, Cost price (CP) = $250

Sale price (SP) = $300

Therefore, profit and profit % = ?

Profit = Sale Price – Cost Price

∴ Profit = $300 – $250

⇒ Profit = $50

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

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