Question

Sam purchased a piece of used furniture at a garage sale for $10. An additional $8.41 was spent to refurbish the furniture. If Sam were to sell the furniture for $45, what is the percent of profit made in relation to the total cost (purchase + refurbishing)? Round to the nearest tenth of a percent

Answer 1

The total cost of the furniture is $10 + $8.41 = $18.41
The profit made is $45 - $18.41 = $26.59
The percent of profit made in relation to the total cost is (profit/cost) x 100% = ($26.59/$18.41) x 100% = 144.5%
Rounded to the nearest tenth of a percent, the percent of profit made is 144.5%.