Question

A textbook costs a bookstore $79, and the store sells it for $98.75. Find the rate of profit based on the selling price. 2.5 Incorrect: Your answer is incorrect. %

Answer 1

The profit based on the selling price is 25%.

What is profit?

Profit is when the total selling price of a good is greater than the cost price.

Profit = selling price - cost price

Profit = $98.75 - $79 = $19.75

What is the rate of profit?

Rate of profit = (profit / cost price) x 100

Rate of profit = ($19.75 / $79) x 100 = 25%

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