The cost of a stove to a store owner was $550$550, and she sold the stove for $620$620.Step 2 of 3 : What was her percent of profit based on cost? Follow the problem-solving process and round your answer to the nearest hundredth if necessary.
Question
The cost of a stove to a store owner was 550, and she sold the stove for 620.Step 2 of 3 : What was her percent of profit based on cost? Follow the problem-solving process and round your answer to the nearest hundredth if necessary.
Solution
Step 1: First, we need to find out how much profit the store owner made. We do this by subtracting the cost of the stove from the selling price.
Profit = Selling price - Cost price Profit = 550 = $70
Step 2: Next, we calculate the profit percentage. The formula for profit percentage is (Profit/Cost price) * 100.
Profit percentage = (Profit / Cost price) * 100 Profit percentage = (550) * 100
Step 3: Calculate the above expression to get the profit percentage.
Profit percentage = 12.73%
So, the store owner made a profit of 12.73% on the stove.
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