Question

The cost of a bicycle to a store owner was $550, and she sold the bicycle for $1150.Step 1 of 3: What was her profit? Follow the problem-solving process and round your answer to the nearest hundredth if necessary.

Answer 1

Given:

The cost price of bicycle is, CP = $550.

The selling price of bicycle is, SP = $1150.

The objective is to find the profit.

Step-by-step explanation:

The formula to find the profit is,

`P=SP-CP\text{ . . . . (1)}`

To find P :

On plugging the given values in equation (1),

`P=1150-550`

On further solving the above equation,

`P=600`

Hence, the profit is $600.