The cost of a stove to a store owner was $550$550, and she sold the stove for $620$620.Step 3 of 3 : 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
Question
The cost of a stove to a store owner was 550, and she sold the stove for 620.Step 3 of 3 : 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
Solution
To calculate the percent of profit based on selling price, you first need to determine the amount of profit made. This is done by subtracting the cost from the selling price.
Step 1: Calculate the profit Profit = Selling price - Cost Profit = 550 = $70
Next, you need to calculate the percent of profit based on the selling price. This is done by dividing the profit by the selling price and then multiplying by 100 to get the percentage.
Step 2: Calculate the percent of profit Percent of profit = (Profit / Selling price) * 100 Percent of profit = (620) * 100 = 11.29%
So, the store owner made a profit of 11.29% based on the selling price.
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