Question

A vase was bought for $80 and later sold for 240. find the profit as a percentage of the cost price

Answer 1

To calculate the profit as a percentage of cost price, subtract the cost from the selling price, divide by the cost, and multiply by 100. For a vase bought at $80 and sold at $240, the profit percentage is 200%.

Step-by-step explanation:

To find the profit as a percentage of the cost price, we need to calculate the difference between the selling price and the cost price and then express this as a percentage of the cost price. Here's the step-by-step calculation:

1. First, find the profit amount by subtracting the cost price from the selling price: $240 - $80 = $160.
2. Next, divide the profit by the cost price to get the profit ratio: $160 / $80 = 2.
3. Finally, convert the profit ratio to a percentage by multiplying by 100: 2 × 100 = 200%.

Therefore, the profit made on the vase, as a percentage of the cost price, is 200%.