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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 600600⁢600, and she sold the pair of skis for 960960⁢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.

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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 = 960960 - 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 % = (360/360 / 600) * 100 = 60%

So, the store owner made a profit of 60% on the pair of skis.

This problem has been solved

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