Question

Jaime owns a business that sells books. Jaime's business made £2500 profit in her first year. Jaime's business then made £3200 profit in the following year. What is the percentage increase in profit from the first, to the second year?​

Answer 1

Percentage increase = 28%

Explanation:

To calculate the percentage increase in profit from the first to the second year, we can use the following formula:

`\textsf{Percentage increase} =\frac{ \textsf{Increase in profit }}{\textsf{ Original profit}}* 100 \%`

Where:

• Increase in profit = Profit in second year - Profit in first year
• Original profit = Profit in first year

Given:

• Profit in first year = £2500
• Profit in second year = £3200

To find:

• Percentage increase in profit

Solution:

First, calculate the increase in profit

Increase in profit = Profit in second year - Profit in first year

= £3200 - £2500

= £700

And finally calculate the percentage increase by substituting the given value in above formula:

`\begin{aligned} \textsf{Percentage increase} & =(£700 )/(£2500)* 100 \% \\\\ & = 0.28 * 100\% \\\\ &= 28\% \end{aligned}`

Therefore, the percentage increase in profit from the first to the second year is 28%.

Answer 2

% increase = 28%

Explanation:

We are tasked with determining the percentage increase in profit for Jaime's business from the first year to the second year. To solve this, we will find the difference in profits between the two years and then calculate the percentage increase relative to the first year's profit.
`\hrulefill`

Calculate the difference in profit between the two years:

`\Longrightarrow \text{Difference in Profit $=$ 2$^{\text{nd}}$ Year Profit $-$ 1$^{\text{st}}$ Year Profit}\\\\\\\\\Longrightarrow \text{Difference in Profit $=$ } \pounds 3200 - \pounds 2500\\ \\\\\\\therefore \text{Difference in Profit $=$ } \pounds 700`

Calculate the percentage increase:

`\Longrightarrow \% \text{ increase}=\Big(\frac{\text{Difference in Profit}}{\text{First Year Profit}}\Big) * 100 \%\\\\\\\\\Longrightarrow \% \text{ increase}=\Big((\pounds700)/(\pounds 2500)\Big) * 100 \%\\\\\\\\\Longrightarrow \% \text{ increase}=0.28 * 100 \%\\\\\\\\\therefore \boxed{\% \text{ increase}=28 \ \%}`

Thus, the profit increased by 28% from the first year to the second year.