Multiple choice

In his high-end boutique, Steven recently sold a collection of 30 designer watches to a client. Upon meticulously reviewing his financials, Steven realised that the profit he earned from this sale equalled the total selling price of 6 watches. What is Steven's profit percentage from the sale of these designer watches?

  1. 20

  2. 25

  3. 30

  4. 33.33
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Profit = SP of 6 watches. Total SP = 30 * SP_watch. Profit = SP_total - CP_total. 6 * SP_watch = 30 * SP_watch - 30 * CP_watch. 30 * CP_watch = 24 * SP_watch. SP_watch / CP_watch = 30 / 24 = 1.25. Profit percentage = 25%.

AI explanation

Let the cost price of one watch be CP and the selling price be SP; the total cost price for 30 watches is 30CP and the total selling price is 30SP. The profit is given as the selling price of 6 watches, so 30SP - 30CP = 6SP, which simplifies to 24SP = 30CP and SP = 1.25CP. Using the profit percentage formula, Profit Percentage = ((SP - CP) / CP) x 100, the profit is 0.25 x 100 = 25%.

Keep practicing — related questions