Question

The cost of a pair of skis to a store owner was $700, and she sold the pair of skis for $1020.Step 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

Explanation:

• The ,cost price ,of the pair of skis = $700

,

• The ,selling price ,of the pair of skis = $1020

To calculate the percentage of profit, use the formula below:

`\text{Percent of Profit=}\frac{Selling\text{ Price-Cost Price}}{\text{Selling Price}}*(100)/(1)`

Substitute the given values:

`\text{Percent of Profit=}\frac{1020\text{-7}00}{\text{7}00}*(100)/(1)\text{=}\frac{320}{\text{7}00}*(100)/(1)=45.71\%`

The percentage profit is % (correct to the nearest hundredth).