Question

Nick collects trading cards. He paid $.50 each for 25 cards and then sold them to his friends for 25% more than he paid. What percent profit did he make on this sale

Answer 1

Nick made a 625% profit on the sale of the trading cards.

Step-by-step explanation:

To calculate the percent profit Nick made on the sale of his trading cards, we need to first determine the selling price of each card. Given that he paid $0.50 each for 25 cards, his total cost was $0.50 x 25 = $12.50.

To find the selling price, we add 25% of the cost to the original price. 25% of $12.50 is $3.125 (0.25 x $12.50 = $3.125). Adding this to the original cost, Nick sold each card for $0.50 + $3.125 = $3.625.

The profit made on each card is the selling price minus the buying price, which is $3.625 - $0.50 = $3.125. To calculate the percent profit, we divide the profit by the buying price, then multiply by 100%. (Percent Profit = (Profit / Buying Price) x 100%)

Therefore, the percent profit Nick made on the sale of the trading cards is (($3.125 / $0.50) x 100%) = 625%.

Answer 2

Nick made Profit of $3.125 with 25% profit on selling the trading cards.

Step-by-step explanation:

Given:

Amount paid for each card = $.50

Number of cards collected = 25

So Total Amount paid on cards is equal Amount paid for each card multiplied by Number of cards collected and then divided by 100

framing in equation form we get.

Total Amount paid on cards =
`\$.50*25 =\$12.5`

Now Given:

He sold them to his friends for 25% more than he paid.

So Total selling price of the card can be calculated by adding Total Amount paid on cards and multiplying 25 with total amount paid on cards and then divided by 100

framing in equation form we get;

Total selling price of the card =
`12.5+(25)/(100)* 12.5 = 12.5 + 3.125 = \$ 15.625`

Profit made = Total selling price of the card - Total Amount paid on cards

Profit made = $15.625 - $12.5 = $3.125

Percentile profit =
`(3.125)/(12.5)* 100 = 25\%`

Hence Nick made Profit of $3.125 with 25% profit on selling the trading cards.