A boat shop sold a ship at the profit of 20%. ?

Question

A boat shop sold a ship at the profit of 20%.

(a) If the profit was Rs. 40000, what was the cost of the ship?

(b) What was the selling price?

Answer 1

If the profit 40,000 was 20%  (or 1/5 the sales price)

The selling price was therefore:     200,000

- as the profit was 20% or  ( .20 x 200,000 = 40,000 )

= thus the cost of the ship was 160,000  (sales price - profit)

Kingsandman is clearly wrong as 20% of his sales price would be 48,000

But CMPunk is right... you should do your own homework.

Happy & Safe Boating!

Answer 2

$200,000

$240,000

this ? should have been in math

Answer 3

Capt John is correct - I used to be in retail sales - profit is figured from the total selling price.

If you sell an item for $100 and made  a profit of 20% it cost you $80.

Answer 4

ask a fool

Answer 5

Do your own maths homework.

Answer 6

This was like grade 4 math, back in the early 1950's. I have been out of school for nearly 50 years and I just have to look at it for a second to get the answers.

I am surprised anyone has to ask this.

Answer 7

A: $200,000

B: $240,000

Edited To Add:

If cost you $160,000 to build the boat and you made  20% profit on that the boat would have sold for $192,000, for a profit of $32000. When calculating profit Captain John, it's called return on investment! Invest 200,000 at a 20% return on investment, sell for $240,000. $40,000 PROFIT! It's really simple math Captain John, as others on here have pointed out. Perhaps you need to do your homework! You're calculating profit based on selling price. Profit is calculated based on investment. Buy a house for $100,000 sell for $120,000 = $20,000 (20%) profit.