... percentage profit
Adam Linda buys a piece of cloth at 16cedis and sells it at 18.4cedis calculate the profit and?
- Posted:
- 3+ months ago by slowgee
- Topics:
- percentage, profit
Answers (1)
You need to learn what the words mean. If you buy at 16 and sell at 18.4, your markup is 2.4. Profit can be figured as a percent of the buy price or a percent of the sell price or a percent of investment or several other ways. But markup is not profit.
Get a ruler in your hands. Measure things until you start to understand how a ruler works. Measure some stuff and figure out where the center is. Say you measure a book and it's 7/8" thick. You look at your ruler and see that every eighth is divided into two sixteenths, so obviously half of 7/8" is going to be 7/16". If you write that out you have 1/2 x 7/8 = 7/16. And you notice that 1/2 is divided into 2/4 and then into 4/8 and so on, so you can convert anything to anything by multiplying all the numbers on top and then all the numbers on bottom.
Other rulers are divided into 10 and 100 parts. But an inch is still an inch, so anything on one ruler can be translated to the other ruler. A half inch on one ruler is 5/10 or 50/100 on the other. An eighth inch is just 12.5 marks when you have 100 marks per inch. A metric ruler divides an inch into 25.4 parts, so a half inch would be 12.7 of those parts. Pretty simple, isn't it? Practice this a bit and people will think you went to wizard school.
Percent is simply a ruler with 100 marks. The only confusion is trying to keep track of what the marks represent, since that changes from time to time.
If you figure markup as a percent of buy price then it is 2.4/16 x 100% = 15%
If you figure markup as a percent of sell price then it is 2.4/18.4 x 100% = 13%