Question

Phyllis bought an antique clock for £400 and sold it for £640, whar was her percentage profit?

Answer 1

Step-by-step explanation:

CP - £ 400

SP - £ 640

GAIN = SP - CP

= £ 640 - £ 400

= £ 240

PROFIT % = GAIN / CP × 100

= £ 240 / £ 400 × 100

= 0.6 × 100

= 60 %

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Answer 2

Answer :

Given :

cost price of the clock = £400

Selling price of the clock = £640

$\rule{400}{2}$

Required to find :

1. Profit
2. Profit percentage

$\rule{400}{2}$

Formulae used :

$\longrightarrow{\mathrm{Profit = Selling\;price - Cost\;price}}$

$\longrightarrow{\mathrm{Profit \% = \dfrac{profit}{cost\;price} \times 100 }}$

$\rule{400}{2}$

Explanation :

In the question it is given that ;

phyllis brought an antique clock for 400 and sold it for 640 .

He asked us to find the profit and profit % .

For finding the profit we should use a formula .

The formula is

$\longrightarrow{\mathrm{\boxed{Profit = Selling\;price - Cost\;price}}}$

But before using this formula we should see that .

The selling price must be greater than cost price .

Then only this formula is applicable .

Once, if the profit value is calculated finding out the profit percentage is simple .

There is a formula to calculate profit percentage too .

The formula is;

$\longrightarrow{\mathrm{\boxed{Profit \% = \dfrac{profit}{cost\;price} \times 100 }}}$

Knowing this content and formula is essential to solve questions related to this concept .

Now, let's crack the solution .

$\rule{400}{2}$

Solution :

Given values

• Cost price = £400 ---------> statement (1)
• Selling price = £640 ---------> statement (2)

From statement (1) and (2) we get,

Selling price > Cost price

(selling price greater than cost price )

So, it is cleared that she earned profit .

Profit = Selling price - Cost price

Profit = £640 - £400

profit = £240

Hence,

Profit = £240

Now, let's find the profit%

For that we have to use a formula .

$\longrightarrow{\mathrm{\boxed{Profit \% = \dfrac{profit}{cost\;price} \times 100 }}}$

Substitute the required values .

$\longrightarrow{Profit\% = \dfrac{240}{400} \times 100}$

$\longrightarrow{ Profit\% = \dfrac{24000}{400}}$

$\implies{Profit\% = 60\%}$

$\rightarrow{\boxed{\therefore{Profit\% = 60\%}}}$

$\rule{400}{2}$

✅ Hence Solved .