A shops keeper buys 8 bicycles for #600. He sells each of them for #90. What is the percentage profit
To find the percentage profit, we need to calculate the difference between the selling price and the cost price, and then divide that difference by the cost price. Finally, we multiply by 100 to get the percentage.
Cost price of 8 bicycles = #600
Selling price of 1 bicycle = #90
Cost price of 1 bicycle = #600 / 8 = #75
Profit per bicycle = Selling price - Cost price = #90 - #75 = #15
Percentage profit = (Profit / Cost price) x 100
Percentage profit = (#15 / #75) x 100
Percentage profit = 0.2 x 100
Percentage profit = 20%
The percentage profit on each bicycle is 20%.