mcqs Math Profit And Loss Bill sold a bicycle for $840. If he purchased it at $600, then calculate his profit and profit percent in this sale. 146

Question: Bill sold a bicycle for $840. If he purchased it at $600, then calculate his profit and profit percent in this sale.

(A)  $240 and 30%
(B)  $250 and 40%
(C)  $240 and 40%
(D)  $240 and 35%

Correct Answer $240 and 40%

Solution And Explanation

Solution

Given, Cost price (CP) = $600

Sale price (SP) = $840

Therefore, profit and profit % = ?

Profit = Sale Price – Cost Price

∴ Profit = $840 – $600

⇒ Profit = $240

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

Here, profit = $240

And, Cost Price = $600

∴ Profit% = ^{240 × 100}/₆₀₀

= ^{240 40}/₆ = 40%

⇒ Profit = 40%

Therefore, Profit = $240 and Profit% = 40% Answer

Here, profit = $240

And, Cost Price = $600

∵ In $600, profit = $240

∴ In $1, profit = ²⁴⁰/₆₀₀

∴ In $100, profit = ²⁴⁰/₆₀₀ × 100

= ^{240 × 100}/₆₀₀

= ^{240 40}/₆ = 40%

⇒ Profit = 40%

Therefore, Profit = $240 and Profit% = 40% Answer