Question

A bicycle which costs 180 dollars is sold for 240 dollars. Express the profit as a percentage of the cost price.

Answer 1

The profit as a percentage of the cost price is calculated by dividing the profit ($60) by the cost price ($180) and then multiplying the result by 100, yielding a profit percentage of 33.33%.

Step-by-step explanation:

To calculate the profit as a percentage of the cost price, we need to follow these steps:

1. Subtract the cost price from the selling price to find the profit amount.
2. Divide the profit by the cost price.
3. Multiply the result by 100 to get the percentage.

Let's apply these steps to the given numbers:

• Selling Price = $240
• Cost Price = $180
• Profit = Selling Price - Cost Price = $240 - $180 = $60

Now, we divide the profit by the cost price and multiply by 100:

Profit Percentage = ($60 / $180) x 100 = 33.33%

Therefore, the profit as a percentage of the cost price is 33.33%.