Question

The cost of a refrigerator to a store owner was $500, and she sold the refrigerator for $1090.

What was her percent of profit based on selling price? Follow the problem-solving process and round your answer to the nearest hundredth if necessary.

Answer 1

To calculate the percent of profit based on selling price, subtract the cost price from the selling price to find the profit. Then, divide the profit by the selling price and multiply by 100 to find the percent of profit.

Step-by-step explanation:

To calculate the percent of profit based on selling price, we need to find the profit first.

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

Profit = Selling Price - Cost Price = $1090 - $500 = $590.

Now, to find the percent of profit based on selling price, we divide the profit by the selling price and multiply by 100.

Percent of Profit = (Profit / Selling Price) * 100 = ($590 / $1090) * 100 = 54.13% (rounded to the nearest hundredth).