If a person purchased a bicycle in 500 Rs. and sold it for 800 Rs. What is the percentage of profit?

20%

30%

40%

None of these

To find the percentage of profit, use the formula:

$text{Profit %} = left( frac{text{Selling Price} - text{Cost Price}}{text{Cost Price}} right) times 100$ Cost PriceSelling )×100

Given:
Cost Price (CP) = Rs. 500
Selling Price (SP) = Rs. 800

$text{Profit} = 800 - 500 = 300$ $text{Profit %} = left( frac{300}{500} right) times 100 = 60%$ 500)×100=60%