Question

The cost of a bicycle to a store owner was $550, and she sold the bicycle for $1150.Step 2 of 3: What was her percent of profit based on cost? Follow the problem-solving process and round your answer to the nearesthundredth if necessary.

Answer 1

Percent of profit ( Pp ) based on the cost:

`Pp=(profit)/(\cos t)\cdot100`

where the profit in our case equals:

`\text{profit}=$1150$-550=600`

and the cost equals $550.

Thus...

`Pp=(600)/(550)\cdot100`
`Pp=109.09`

Answer: 109.09%