Introduction to profit word problems:
Profit is the gain amount obtained after subtracting all expenses. When selling and buying goods we can define profit as the amount of extra money gained in selling goods from its cost price. Profit word problems arise in such a situation when one invests money in business and gaining the profit and also in accounting etc. In this article we will see few profit word problems with examples and solutions.
Formula for Solving Profit Word Problems:
The following formulas are involved in solving profit word problems,
Profit = selling price – cost price
Profit percentage =` ((profit) / (cost price))` * 100
Cost price = Selling price – profit (Or) `100/ (100 +(profit %)) ` * selling price
Selling price = profit +cost price (Or) `(100 +(profit %)) / 100 ` * cost price
Example Profit Word Problems:
Example 1:
A man buys a house for `$` 80000 and Sells it for `$` 110000. Find his profit and profit percentage?
Solution:
Given,
Cost price of the house = `$` 80000
Selling price of the house = `$` 110000
Profit = selling price – cost price
=`$` 110000 - `$` 80000
= `$` 30000
By formula,
Profit percentage = `((profit) / (cost price))` * 100
= `(30000/80000)` * 100
= 37.5 %
Example 2:
A laptop is sold for `$` 350 at a gain of 25% on the sale price. Find the profit.
Solution:
Cost price= `$` 350
Profit percentage = 25 %
By formula,
Profit percentage = `((profit) / (cost price))` * 100
25 = (` x/ 350` ) * 100
X= 0.25 * 350
= 87.5
Hence the profit is `$` 87.5
Example 3:
John purchased a bike for `$` 12,000. Due to financial problem, he sold it at a profit of 20%. What was his selling price?
Solution:
Given,
Cost price = `$` 12000
Percentage of profit = 20 %
By formula,
Profit percentage = `((profit )/ (cost price))` * 100
= (selling price- cost price)/cost price * 100 {profit = selling price- cost price}
Let the selling price = x
20 = `(x-12000)/ 12000 ` * 100
0.2 * 12000 = x-12000
x-12000 = 2400
x= 2400 + 12000
= 14400
Hence the selling price was `$` 14400.
Example 4:
By selling a pen for `$` 5, a seller gains `$` 2.50. What is the cost price of the pen?
Solution:
Given,
Selling price of the pen= `$` 5
Profit = `$` 2.50
By formula,
Cost price = Selling price – profit
= `$` 5 - `$` 2.50
= `$` 2.50
Hence the cost price of the pen is `$` 2.50
Profit is the gain amount obtained after subtracting all expenses. When selling and buying goods we can define profit as the amount of extra money gained in selling goods from its cost price. Profit word problems arise in such a situation when one invests money in business and gaining the profit and also in accounting etc. In this article we will see few profit word problems with examples and solutions.
Formula for Solving Profit Word Problems:
The following formulas are involved in solving profit word problems,
Profit = selling price – cost price
Profit percentage =` ((profit) / (cost price))` * 100
Cost price = Selling price – profit (Or) `100/ (100 +(profit %)) ` * selling price
Selling price = profit +cost price (Or) `(100 +(profit %)) / 100 ` * cost price
Example Profit Word Problems:
Example 1:
A man buys a house for `$` 80000 and Sells it for `$` 110000. Find his profit and profit percentage?
Solution:
Given,
Cost price of the house = `$` 80000
Selling price of the house = `$` 110000
Profit = selling price – cost price
=`$` 110000 - `$` 80000
= `$` 30000
By formula,
Profit percentage = `((profit) / (cost price))` * 100
= `(30000/80000)` * 100
= 37.5 %
Example 2:
A laptop is sold for `$` 350 at a gain of 25% on the sale price. Find the profit.
Solution:
Cost price= `$` 350
Profit percentage = 25 %
By formula,
Profit percentage = `((profit) / (cost price))` * 100
25 = (` x/ 350` ) * 100
X= 0.25 * 350
= 87.5
Hence the profit is `$` 87.5
Example 3:
John purchased a bike for `$` 12,000. Due to financial problem, he sold it at a profit of 20%. What was his selling price?
Solution:
Given,
Cost price = `$` 12000
Percentage of profit = 20 %
By formula,
Profit percentage = `((profit )/ (cost price))` * 100
= (selling price- cost price)/cost price * 100 {profit = selling price- cost price}
Let the selling price = x
20 = `(x-12000)/ 12000 ` * 100
0.2 * 12000 = x-12000
x-12000 = 2400
x= 2400 + 12000
= 14400
Hence the selling price was `$` 14400.
Example 4:
By selling a pen for `$` 5, a seller gains `$` 2.50. What is the cost price of the pen?
Solution:
Given,
Selling price of the pen= `$` 5
Profit = `$` 2.50
By formula,
Cost price = Selling price – profit
= `$` 5 - `$` 2.50
= `$` 2.50
Hence the cost price of the pen is `$` 2.50
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