Ed has a card shop. (a) He buys a particular card for £1.20 and sells it for £1.68. Calculate his percentage profit on this card. (b) Ed's profit on "Good Luck" cards in 2018 was £360. This was a decrease of 20% on his profit in 2017. Work out Ed's profit on "Good Luck" cards in 2017.

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Ed has a card shop - OCR - GCSE Maths - Question 3 - 2019 - Paper 5

Question 3

Ed has a card shop. (a) He buys a particular card for £1.20 and sells it for £1.68. Calculate his percentage profit on this card. (b) Ed's profit on "Good Luck" c... show full transcript

Worked Solution & Example Answer:Ed has a card shop - OCR - GCSE Maths - Question 3 - 2019 - Paper 5

Step 1

Calculate his percentage profit on this card.

96%

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Answer

To calculate the percentage profit, we use the formula:

ext{Percentage Profit} = rac{ ext{Selling Price} - ext{Cost Price}}{ ext{Cost Price}} imes 100

In this case, the cost price is £1.20 and the selling price is £1.68:

Calculate the profit:

Selling Price - Cost Price = £1.68 - £1.20 = £0.48
Now, substitute the values into the formula:
$ext{Percentage Profit} = rac{£0.48}{£1.20} imes 100$
= 40
%

Thus, Ed's percentage profit on the card is 40%.

Step 2

Work out Ed's profit on "Good Luck" cards in 2017.

99%

104 rated

Answer

Let Ed's profit in 2017 be represented by x.

Since Ed's profit decreased by 20% from 2017 to 2018, we can express this as:

ext{Profit in 2018} = ext{Profit in 2017} - 0.20 imes ext{Profit in 2017}

This simplifies to:

£360 = x - 0.20x = 0.80x

To find x, we rearrange this to:

x = rac{£360}{0.80} = £450

Thus, Ed's profit on "Good Luck" cards in 2017 was £450.

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