Question

Joy bought a 16gb memory card at 600 and decided to sell it to her sister for 650. profit or loss

Answer 1

As given in the question,

Step 1: we first need to jot down given data in the question.

Cost Price of memory card = $ 600

Selling Price = $650

Step 2: Apply Profit / Loss formula to compute the same

Profit (loss) = Selling Price - Cost Price

= $650 - $600

= $ 50 profit

* If the answer is negative, it means it is loss.However, here the answer is positive, so it is profit.

Therefore, Joy will get PROFIT of $50 on 16gb memory card.

Please note: We can also compute profit percentage using the formula:

Profit % = ( Profit * 100) / Cost Price

= ( 50 *100)/ $ 600

= 8.34%

Thsrefore, profit is $ 50 and profit % is 8.34%.