Question

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

Answer 1

So,

If she sold the bicycle for $1150 and the cost for her to buy it was $550, the profit can be found if we substract:

$\begin{gathered} 1150-550 \\ =600 \end{gathered}$

Now, the percent of profit can be found if we divide the last result by the cost:

$\frac{600}{550}=1.09$

Or, 1.09*100 = 109%.