Question:
Bill sold a bicycle for $840. If he purchased it at $600, then calculate his profit and profit percent in this sale.
Correct Answer
$240 and 40%
Solution And Explanation
Solution
Given, Cost price (CP) = $600
Sale price (SP) = $840
Therefore, profit and profit % = ?
Calculation of profit, when cost price and sale price is known
Profit = Sale Price – Cost Price
∴ Profit = $840 – $600
⇒ Profit = $240
Calculation of profit% using formula, when profit and cost price is known
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
Calculation of profit% using Unitary Method, when profit and cost price is known
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
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