The cost of a pair of skis to a store owner was $600$600, and she sold the pair of skis for $960$960.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 pair of skis to a store owner was 600, and she sold the pair of skis for 960.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 skis from the selling price.
Profit = Selling price - Cost price Profit = 600 = $360
Step 2: Next, we need to calculate the profit percentage. The formula to calculate profit percentage is:
Profit % = (Profit / Cost price) * 100
Step 3: Substituting the values we have:
Profit % = (600) * 100 = 60%
So, the store owner made a profit of 60% on the pair of skis.
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