Question

A storekeeper sold a wrist watch for $660, including a sales tax of 10%.If the cost price of the watch is

$500, what is the percentage profit for shopkeeper?

Answer 1

Answer:

20%

Step-by-step explanation:

Selling Price = $660

Find the price before the sales tax:

Sales Tax = 10%

Selling Price = 100 + 10 = 110%

110% = $660

1% = 660 ÷ 100 = Rs 6

100% = 6 x 100 = $600

Find the profit:

Selling price = $600

Cost Price = $500

Profit = 600 - 500 = $100

Find the profit percentage:

Profit percentage = profit/cost price x 100

Profit percentage = 100/500 x 100 = 20%

Answer: The profit is 20%