Question

Madison bought an empty lot for $2,000 and later sold it for a 25% profit. How much did Madison sell the lot for?

Answer 1

GIVEN :-

Madison bought an empty lot for

Rs.2000.

Gain Percent = 25%

TO FIND :- Selling Price

SOLUTION :-

$gain\% = \frac{gain}{cp} \times 100 \\ \\ \\ \\ \implies 25 = \frac{gain}{2000 } \times 100 \\ \\ \\ \\ \implies 25 = \frac{gain}{20} \\ \\ \\ \implies \boxed{gain = 500}$

Hence Gain = Rs.500

We know that ,

Profit = Selling Price - Cost Price

=> Selling Price = Cost price + Profit

= 2000 + 500

= 2500

Hence the selling Price is Rs.2500

VERIFICATION :-

LHS = profit % = 500/2000 × 100

= 1/4 × 100

= 25 % = RHS = Given

Hence Our Answer is coorect.