Question

What is the profit when someone buys an article for 80p and sells it for 1 pound

Answer 1

20p

Explanation:

• To perform the calculation, we need to convert the prices to a common unit.
• Since both prices are given in different currencies (pence and pounds), we need to convert them to the same currency.
• Assuming that 1 pound is equivalent to 100 pence, we can convert the selling price to pence.

1 pound = 100 pence

Let us calculate the profit.

Selling price in pence

1 pound × 100 pence/pound = 100 pence

Profit = Selling price - Cost price

Profit = 100 pence - 80 pence

Profit = 20 pence

Therefore, the profit when someone buys an article for 80p and sells it for 1 pound is 20 pence.

Answer 2

• 20 p or 25%

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The profit is the difference between the cost and selling price:

• profit = 1 pound - 80 p
• profit = 20 p

Percent profit is:

• 20 p/ 80 p x 100% = 25%

Therefore the profit is 20 p or 25%.