James buys an antique watch for £125 and then sells it for £182.50.Work out his percentage profit.
Question
James buys an antique watch for £125 and then sells it for £182.50. Work out his percentage profit.
Solution
Step 1: First, we need to find out how much profit James made. We do this by subtracting the cost price from the selling price.
Profit = Selling price - Cost price Profit = £182.50 - £125 Profit = £57.50
Step 2: Next, we calculate the percentage profit. The formula for percentage profit is:
Percentage Profit = (Profit / Cost price) * 100
Step 3: Substitute the values into the formula:
Percentage Profit = (£57.50 / £125) * 100 Percentage Profit = 46%
So, James made a 46% profit on the antique watch.
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