A man bought a farm for 880 thousand dollars and sold it for one million dollars. The expenses he incurred from the sale of the farm were 10 thousand dollars.
His profit was what percent of his cost ?
Take your time. The answer is below the wildlife photo.
A. 12.5%
Let's first subtract 880 thousand from one million to find a profit of 120 thousand dollars.
Subtract the expenses of 10 thousand dollars from the profit of 120 thousand to get a net profit of 110 thousand dollars.
Now divide 110 tousand dollars by 880 thousand dollars and we see that the profit was .125 or 12.5% of his cost.
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