Question

The cost of a stove to a store owner was $500, and she sold the stove for $1080. What was her percent of profit based on cost?

Answer 1

116%

Explanation:

Cost Price (C. P.) = $500

Selling Price (S. P.) = $1080

Profit = SP - CP = $1080 - $500 = $580

Profit percent

`= (Profit)/(CP) * 100 \\ \\ = (580)/(500) * 100 \\ \\ = (580)/(5) \\ \\ = 116 \%`