Question

the cost of a bicycle to a store owner was $500, and she sold the bicycle for $1050. 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.

Explanation:

Step1: Calculate the profit

Profit = Selling Price - Cost Price = \( 1050 - 500 = 550 \)

Step2: Calculate the percent profit based on cost

Percent Profit = \( \frac{\text{Profit}}{\text{Cost Price}} \times 100 = \frac{550}{500} \times 100 = 110\% \)

Answer:

110%