Elementary Algebra

Let r represent the rate of profit. We can use the following guideline to solve this problem: Selling price = Cost + Profit So: 44.80 = 32 + r $\times$ 32 44.80 = 32 + 32r 12.80 = 32r Divide both sides by 32 0.4 = r Multiply this amount by 100% to convert it into percent. So, 0.4 $\times$ 100% = 40% The rate of profit based on the cost is 40%.