Question

Ryan buys a watch for $\$$50. After a few days, he reads on the internet that a new series of the watch has been released at the store, so he thinks of selling his watch.
He sells the watch for $\$$60 to his friend Jack. Find the percentage of profit earned by Ryan.

• A. 15%
• B. 20%
• C. 5%
• D. 10%

Answer 1

The correct option is B 20%

Cost price of the watch = $\$$50
Selling price of the watch = $\$$60
Percentage of profit
$=\frac{Sellingprice–Costprice}{Costprice}\times 100$

$=\frac{60–50}{50}\times 100$

$=\frac{10}{50}\times 100$

= 20%

Thus, Ryan earns 20% profit on selling his watch to Jack.