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15 Ed has a card shop - OCR - GCSE Maths - Question 15 - 2019 - Paper 2
Question 15
15 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 L... show full transcript
Worked Solution & Example Answer:15 Ed has a card shop - OCR - GCSE Maths - Question 15 - 2019 - Paper 2
Step 1
Calculate his percentage profit on this card.
Answer
To find the percentage profit, you can use the formula:
ext{Percentage Profit} = rac{ ext{Selling Price} - ext{Cost Price}}{ ext{Cost Price}} imes 100-
Identify the values:
- Cost Price (CP) = £1.20
- Selling Price (SP) = £1.68
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Calculate the profit:
- Profit = SP - CP = £1.68 - £1.20 = £0.48
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Calculate percentage profit:
- Percentage Profit = (Profit / CP) × 100 = (0.48 / 1.20) × 100 = 40%
Thus, Ed's percentage profit on this card is 40%.
Step 2
Work out Ed's profit on "Good Luck" cards in 2017.
Answer
Let Ed's profit in 2017 be denoted as x.
Since his profit in 2018 was £360 and this represents a decrease of 20%, we can set up the following equation:
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Understand the decrease:
- 20% decrease means that 80% of the profit in 2017 equals the profit in 2018.
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Set up the equation:
- 0.80x = £360
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Solve for x (profit in 2017):
- x = £360 / 0.80
- x = £450
Thus, Ed's profit on "Good Luck" cards in 2017 was £450.