Elementary Algebra

Published by Cengage Learning
ISBN 10: 1285194055
ISBN 13: 978-1-28519-405-9

Chapter 4 - Proportions, Percents, and Solving Inequalities - Chapter 4 Review Problem Set: 53

Answer

The rate of profit is approximately 33.3%

Work Step by Step

We can use the following guideline to solve this problem: Rate of profit = $\frac{Selling\ price -\ Cost}{Cost}$ $\times$ 100% Selling price = 56 Cost = 42 Substituting these values into the formula gives: Rate of profit = $\frac{56-42}{42}$ $\times$ 100% Rate of profit = $\frac{14}{42}$ $\times$ 100% Rate of profit = 0.333333 $\times$ 100% Rate of profit $\approx$ 33.3%
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