Question

The owner of a small store buys coats for $55.00 each. He sells the coats for $77.00 each. What percent of the purchase price is the sale price?

Option 1: 30%
Option 2: 40%
Option 3: 45%
Option 4: 40%

Answer 1

The sale price represents 40% of the purchase price.

Step-by-step explanation:

To find the percent of the purchase price that the sale price represents, we need to calculate the difference between the sale price and the purchase price.

The difference is $77.00 - $55.00 = $22.00. To find the percent, we divide the difference by the purchase price and multiply by 100: ($22.00 / $55.00) x 100 = 40%. Therefore, the sale price represents 40% of the purchase price. Option 2: 40% is the correct answer.