A merchant made a profit of $5 on the sale of a sweater that cost the merchant $15. What is the profit expressed as a percentage of the merchant's cost? Give your answer to the nearest percentage
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A merchant made a profit of $5 on the sale of a sweater that cost the merchant $15. What is the profit expressed as a percentage of the merchant's cost? Give your answer to the nearest percentage
Solution
Profit= $5
Cost of sales= $15
Profit as a percentage of the Merchant's cost= 5/15
Profit as a percentage of the Merchant's cost= 0.333
Profit as a percentage of the Merchant's cost= 33.3%
Profit as a percentage of the Merchant's cost= 33% approximately
Answer: 33%