Question

A retailer purchased a washing machine for $230 and sold it for $260. Calculate the profit as a percentage of the cost price, expressing your answer as a percentage correct to 2 decimal places.

Answer 1

13.04%

Explanation:

The profit is the difference between the selling price and the cost price:

Profit = Selling Price - Cost Price

Profit = $260 - $230

Profit = $30

To find the profit as a percentage of the cost price, we divide the profit by the cost price and multiply by 100:

Profit Percentage = (Profit / Cost Price) * 100

Profit Percentage = ($30 / $230) * 100

Profit Percentage = 13.04%

Therefore, the profit as a percentage of the cost price is 13.04%.