How to find amount of profit - Algebra 1
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A shirt is purchased by a store for $10. The whole cost to market and sell the shirt is $3. If it is sold for $20, what is the profit percentage made by the store (to the closest whole number)?
A shirt is purchased by a store for $10. The whole cost to market and sell the shirt is $3. If it is sold for $20, what is the profit percentage made by the store (to the closest whole number)?
First, note that the complete cost of the shirt is 
. Therefore, the store makes 
in profit on the sale of the shirt. At this point, the problem merely becomes one of percentage change. They make 
percent profit— approximately 
or 
.
First, note that the complete cost of the shirt is
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The total cost to sell a given tie is $30. If its original sale price was $45 but was marked down by 10%, how much profit was made on the sale after the markdown?
The total cost to sell a given tie is $30. If its original sale price was $45 but was marked down by 10%, how much profit was made on the sale after the markdown?
The first thing to do is figure out the sale price. There are two ways to do this:
First way: 
.
Second way: 
(The second way is like saying, "The new price is 90% of the original." This is really the easiest way to do problems like this and should be learned.)
Now, to find the profit, merely subtract the original amount, namely 
: 
.
The first thing to do is figure out the sale price. There are two ways to do this:
First way:
Second way:
(The second way is like saying, "The new price is 90% of the original." This is really the easiest way to do problems like this and should be learned.)
Now, to find the profit, merely subtract the original amount, namely
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An item selling for $15.40 makes a 10% profit. How many of these items must be sold in order to make a total profit of $10,000?
An item selling for $15.40 makes a 10% profit. How many of these items must be sold in order to make a total profit of $10,000?
Be careful with this calculation. If an item is making 10% profit, that means that it is making that profit on the original price.
Therefore, if 
is the original price, we can write:
.
Solving for 
, we get 
.
This means that the profit per item is $1.40. Now, divide 10,000 by 1.4 and get 7,142.857. Since you cannot sell partial items, you will need to sell 7,143 items in order to get a $10,000 profit.
Be careful with this calculation. If an item is making 10% profit, that means that it is making that profit on the original price.
Therefore, if
Solving for
This means that the profit per item is $1.40. Now, divide 10,000 by 1.4 and get 7,142.857. Since you cannot sell partial items, you will need to sell 7,143 items in order to get a $10,000 profit.
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An item being sold for $17.10 makes a 14% profit. What is its original price?
An item being sold for $17.10 makes a 14% profit. What is its original price?
If an item is selling for $17.10, its original price 
can be found by the following equation: 
Solving for 
, we get $15.00 as the original price.
If an item is selling for $17.10, its original price
Solving for
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An item is being sold at $22 even though that represents a 20% loss on the original price. What is the original price?
An item is being sold at $22 even though that represents a 20% loss on the original price. What is the original price?
If the item is sold at a 20% loss, this means that the retailer is getting only 80% of the original price 
. This can be represented as
.
Solving for 
, we get
If the item is sold at a 20% loss, this means that the retailer is getting only 80% of the original price
Solving for
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Jessica sells cookies for $2 a piece. She has calculated that she makes a 23% profit on each cookie. How much does each cookie cost her to produce?
Jessica sells cookies for $2 a piece. She has calculated that she makes a 23% profit on each cookie. How much does each cookie cost her to produce?
Be careful. Based on the question, we apply the percent profit to the her cost to produce a cookie NOT to the $2.00 in revenue. So our equation would be:
where 
represents how much it costs Jessica to make a cookie.
We can simplify this to:
So it would cost Jessica $1.63 to make a cookie.
Be careful. Based on the question, we apply the percent profit to the her cost to produce a cookie NOT to the $2.00 in revenue. So our equation would be:
where
We can simplify this to:
So it would cost Jessica $1.63 to make a cookie.
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A store sells an item for $37, making a 17% profit. What is this profit in dollars and cents?
A store sells an item for $37, making a 17% profit. What is this profit in dollars and cents?
This problem implies that some original price 
was marked up by 
.
This can be represented in an equation as 
, where 
is the final sale price.
Therefore, we can rewrite the equation:
Divide both sides by 1.17:
Rounding, we can say that the cost of the item is $31.62. Subtract this from $37 to get a profit of $5.38.
This problem implies that some original price
This can be represented in an equation as
Therefore, we can rewrite the equation:
Divide both sides by 1.17:
Rounding, we can say that the cost of the item is $31.62. Subtract this from $37 to get a profit of $5.38.
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An item that costs $30 to purchase and retail is sold for 15% profit. How many need to be sold to make $25,000 profit?
An item that costs $30 to purchase and retail is sold for 15% profit. How many need to be sold to make $25,000 profit?
There are two steps to this problem. First, we must calculate how much profit is made per item. The general form of the question we are asking is, "How much is 15% of $30?" This can be rewritten:
Now, if you make $4.5 per item, you need to divide the total profit desired ($25,000) by $4.5:
Be careful! You need to sell 5,556 items, NOT 5,555. At 5,555, you will have only made $24,997.5 in profit.
There are two steps to this problem. First, we must calculate how much profit is made per item. The general form of the question we are asking is, "How much is 15% of $30?" This can be rewritten:
Now, if you make $4.5 per item, you need to divide the total profit desired ($25,000) by $4.5:
Be careful! You need to sell 5,556 items, NOT 5,555. At 5,555, you will have only made $24,997.5 in profit.
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![](https://vt-vtwa-assets.varsitytutors.com/vt-vtwa/uploads/formula_image/image/413842/gif.latex "\
oindent \textup{One product is sold at twice its cost.}\\textup{If you must sell 1,000 units to make a profit of $5,000, what is the unit cost?}")
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Jimmy's Pizza and Pasta agreed to do a fundraising event at their restaurant with the local high school. 
of all proceeds will be donated to help buy new textbooks. The fundraising event generated an income of 
. How much money was raised for new textbooks?
Jimmy's Pizza and Pasta agreed to do a fundraising event at their restaurant with the local high school.
of the total proceeds can be calculated as such:
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Joseph owns a local pizzeria, and 
of the restaurant's income goes to operating cost (paying employees, buying ingredients, etc.). If Joseph's pizzeria makes 
this month, how much does Joseph take home in profit?
Joseph owns a local pizzeria, and
If 
of total income goes to overhead and expenses, that leaves 
of 
in total profit:
If
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Tommy makes 
profit for every 
in sales at his music store. If on friday the music store made 
in sales, what would be the total profit?
Tommy makes
If 
of every 
in sales is profit, then the profit can be calculated as 
of total sales:
If
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Jake decided to purchase a large pizza for 
. Deciding that he really doesn't want to eat pizza he chose to sell individual slices to his friends. If the pizza has 8 slices and each one was sold for 
, what is Jake's profit?
Jake decided to purchase a large pizza for
The amount of profit is the money that was made in addition to the amount returned. If Jake had gotten 
back he would have not made any profit since that is what he paid for the pizza. When he sold his pizza he ended up with 
but he did not make 
in profit because he spent 
originally. His profit is calculated by
profit = total money made - total money spent
For Jake this is
It is possible to have a negative profit meaning Jake would have lost money. If he sold each piece for 
then his profit would be
The amount of profit is the money that was made in addition to the amount returned. If Jake had gotten
profit = total money made - total money spent
For Jake this is
It is possible to have a negative profit meaning Jake would have lost money. If he sold each piece for
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Oscar normally takes 
of the total sales at his phone store as profit. Unfortunately, some unexpected bills came up that needed to be paid, leaving Oscar with a remaining 
in profit for the month. If the store had 
in total sales for the month, what percent of the profits were used to pay the unexpected bills?
Oscar normally takes
The first step is to find the total amount of profit for the month prior the added expenses. At 
of total sales, this value can be calculated as such:
Now that we have total profit for the month, we can divide the total profit minus the remaining profit by the original total profit to determine what percent was spent paying bills:
The first step is to find the total amount of profit for the month prior the added expenses. At
Now that we have total profit for the month, we can divide the total profit minus the remaining profit by the original total profit to determine what percent was spent paying bills:
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Jimmy runs his own small packing and shipping firm. His business plan appropriates 
in employee wages and this month the property lease consumed 
of net income and cost of product accounted for 
of net income spent. This month, Jimmy's company had a net income of 
. After overhead and employee wages, how much will Jimmy collect as profit for the month?
Jimmy runs his own small packing and shipping firm. His business plan appropriates
If the combined employee wages total 
, 
of total income goes to rental space and 
goes to cost of product, we can calculate profit as such:
If the combined employee wages total
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Billy buys fifteen stocks of a company for five dollars each. He sells all the stocks at eight dollars each. How much is his profit?
Billy buys fifteen stocks of a company for five dollars each. He sells all the stocks at eight dollars each. How much is his profit?
Billy's profit comes from the earnings of all stocks minus the amount that he initially invested.
Find out how much Billy has spent on the fifteen stocks. Multiply the cost of the stock by the amount he has bought.
He spent seventy five dollars on the stocks.
Find out the total amount he has sold all the stocks for. Multiply the new price of the stocks by the amount he has sold.
Billy's profit is the difference of the earnings minus the initial price of all the stocks. Subtract the two prices.
Billy's profit is 
.
Billy's profit comes from the earnings of all stocks minus the amount that he initially invested.
Find out how much Billy has spent on the fifteen stocks. Multiply the cost of the stock by the amount he has bought.
He spent seventy five dollars on the stocks.
Find out the total amount he has sold all the stocks for. Multiply the new price of the stocks by the amount he has sold.
Billy's profit is the difference of the earnings minus the initial price of all the stocks. Subtract the two prices.
Billy's profit is
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The retail price of gold is 
. Suppose Billy bought twenty gold coins at wholesale price for 
each. How many gold coins can Billy buy at retail price from his profit if he chose to sell all twenty coins at 
each?
The retail price of gold is
Determine how much Billy has spent on all twenty gold coins. Since he bought 20 gold coins at wholesale price, multiply 20 by the price of gold at $100.
Billy has spent 
on 
gold coins at wholesale price.
Determine his profit after he sells all 
gold coins at 
each.
This amount is his revenue after selling all his 20 coins.
Profit is the total revenue minus the cost Billy has spent.
After subtracting the initial cost, Billy has $600 profit from selling all his 20 gold coins at $130 each.
Divide the profit with the retail cost of the gold coins to determine how many gold coins he can buy at retail price with his profit.
Billy can only buy 
gold coins at retail price as a result of his profit.
The answer is: 
Determine how much Billy has spent on all twenty gold coins. Since he bought 20 gold coins at wholesale price, multiply 20 by the price of gold at $100.
Billy has spent
Determine his profit after he sells all
This amount is his revenue after selling all his 20 coins.
Profit is the total revenue minus the cost Billy has spent.
After subtracting the initial cost, Billy has $600 profit from selling all his 20 gold coins at $130 each.
Divide the profit with the retail cost of the gold coins to determine how many gold coins he can buy at retail price with his profit.
Billy can only buy
The answer is:
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