At a hardware store, the profit is 160% of the cost. if the cost increases by 50% but the selling price remains constant, what will be the profit percentage?

Mathematics
1

at a hardware store, the profit is 160% of the cost. if the cost increases by 50% but the selling price remains constant, what will be the profit percentage?

2

Answer: Let’s assume that the cost of the item is $100, and the profit is 160% of the cost, which means the selling price is:

Selling price = Cost + Profit
Selling price = $100 + 160%($100)
Selling price = $100 + $160
Selling price = $260

The profit percentage can be calculated using the following formula:

Profit percentage = (Profit / Cost) x 100%

Substituting the given values, we get:

Profit percentage = (160% x $100) / $100
Profit percentage = 160%

This means that the profit percentage is 160% when the cost is $100 and the selling price is $260.

Now, if the cost of the item increases by 50%, it becomes $150. However, the selling price remains constant at $260. Therefore, the new profit can be calculated as follows:

Profit = Selling price - Cost
Profit = $260 - $150
Profit = $110

The new profit percentage can be calculated as follows:

Profit percentage = (Profit / Cost) x 100%
Profit percentage = (110 / 150) x 100%
Profit percentage = 73.33%

Therefore, the new profit percentage is 73.33% when the cost increases by 50%, but the selling price remains constant.