Algebra 1 : How to find amount of profit
Study concepts, example questions & explanations for Algebra 1
All Algebra 1 Resources
Example Questions
Example Question #1 : How To Find Amount Of Profit
A shirt is purchased by a store for $10. The whole cost to market and sell the shirt is $3. If it is sold for $20, what is the profit percentage made by the store (to the closest whole number)?
First, note that the complete cost of the shirt is 
Example Question #2 : How To Find Amount Of Profit
The total cost to sell a given tie is $30. If its original sale price was $45 but was marked down by 10%, how much profit was made on the sale after the markdown?
The first thing to do is figure out the sale price. There are two ways to do this:
First way: 
Second way:
(The second way is like saying, "The new price is 90% of the original." This is really the easiest way to do problems like this and should be learned.)
Now, to find the profit, merely subtract the original amount, namely 
Example Question #2 : How To Find Amount Of Profit
Jessica sells cookies for $2 a piece. She has calculated that she makes a 23% profit on each cookie. How much does each cookie cost her to produce?
Be careful. Based on the question, we apply the percent profit to the her cost to produce a cookie NOT to the $2.00 in revenue. So our equation would be:
where 
We can simplify this to:
So it would cost Jessica $1.63 to make a cookie.
Example Question #3 : How To Find Amount Of Profit
An item selling for $15.40 makes a 10% profit. How many of these items must be sold in order to make a total profit of $10,000?
Be careful with this calculation. If an item is making 10% profit, that means that it is making that profit on the original price.
Therefore, if 
Solving for 
This means that the profit per item is $1.40. Now, divide 10,000 by 1.4 and get 7,142.857. Since you cannot sell partial items, you will need to sell 7,143 items in order to get a $10,000 profit.
Example Question #1 : How To Find Amount Of Profit
An item being sold for $17.10 makes a 14% profit. What is its original price?
If an item is selling for $17.10, its original price 
Solving for 
Example Question #4 : How To Find Amount Of Profit
An item is being sold at $22 even though that represents a 20% loss on the original price. What is the original price?
If the item is sold at a 20% loss, this means that the retailer is getting only 80% of the original price 
Solving for 
Example Question #3 : How To Find Amount Of Profit
An item that costs $30 to purchase and retail is sold for 15% profit. How many need to be sold to make $25,000 profit?
There are two steps to this problem. First, we must calculate how much profit is made per item. The general form of the question we are asking is, "How much is 15% of $30?" This can be rewritten:
Now, if you make $4.5 per item, you need to divide the total profit desired ($25,000) by $4.5:
Be careful! You need to sell 5,556 items, NOT 5,555. At 5,555, you will have only made $24,997.5 in profit.
Example Question #2 : How To Find Amount Of Profit
A store sells an item for $37, making a 17% profit. What is this profit in dollars and cents?
$30.43
$5.38
$9.32
$6.29
$31.62
$5.38
This problem implies that some original price 
This can be represented in an equation as 
Therefore, we can rewrite the equation:
Divide both sides by 1.17:
Rounding, we can say that the cost of the item is $31.62. Subtract this from $37 to get a profit of $5.38.
Example Question #9 : How To Find Amount Of Profit
Example Question #6 : How To Find Amount Of Profit
Jimmy's Pizza and Pasta agreed to do a fundraising event at their restaurant with the local high school. 
Certified Tutor
All Algebra 1 Resources
