An item was bought for $40 and sold for $60. Find the percentage profit on the cost price.
I'm not sure but it looks like you got it off Mathletics.
so
profit percentage = p/cp x100
profit = sp-cp.
cp=40
sp=60
p=20
20/40 x 100
that will give you 50%
[(60 - 40) / 40] * 100% = ?
To find the percentage profit on the cost price, you need to calculate the profit first and then divide it by the cost price. Here's how you can do it:
Step 1: Calculate the profit.
Profit = Selling Price - Cost Price
Profit = $60 - $40
Profit = $20
Step 2: Calculate the percentage profit on the cost price.
Percentage Profit = (Profit / Cost Price) * 100
Percentage Profit = ($20 / $40) * 100
Percentage Profit = 0.5 * 100
Percentage Profit = 50%
Therefore, the percentage profit on the cost price is 50%.