Question: olm traders buys a bale of clothes for $150 and sells all the items for a total of $192. calculate the profit and the percentage profit made
1. **State the problem:**
We need to find the profit and the percentage profit made by Olm Traders who bought clothes for $150 and sold them for $192.
2. **Formula for profit:**
$$\text{Profit} = \text{Selling Price} - \text{Cost Price}$$
3. **Calculate the profit:**
$$\text{Profit} = 192 - 150 = 42$$
4. **Formula for percentage profit:**
$$\text{Percentage Profit} = \left(\frac{\text{Profit}}{\text{Cost Price}}\right) \times 100$$
5. **Calculate the percentage profit:**
$$\text{Percentage Profit} = \left(\frac{42}{150}\right) \times 100$$
6. **Simplify the fraction:**
$$\frac{42}{150} = \frac{\cancel{42}}{\cancel{150}} = \frac{14}{50}$$
7. **Calculate the percentage:**
$$\frac{14}{50} \times 100 = 28\%$$
**Final answer:**
- Profit = $42
- Percentage profit = 28%