Question

The cost of a bicycle to a store owner was $550, and she sold the bicycle for $1150.Step 2 of 3: What was her percent of profit based on cost? Follow the problem-solving process and round your answer to the nearesthundredth if necessary.

Answer 1

Percent of profit ( Pp ) based on the cost:

$Pp=\frac{profit}{\cos t}\cdot100$

where the profit in our case equals:

$\text{profit}= 1150 -550=600$

and the cost equals $550.

Thus...

$Pp=\frac{600}{550}\cdot100$$Pp=109.09$

Answer: 109.09%