Fractions and Decimals

Discrete Mathematics

Differential Equations

Solved on Feb 01, 2024

Calculate the gross profit for an item that cost $\$ 66$ and sold for $\$ 100$ . Gross Profit = $\$ [?]$ .

STEP 1

Assumptions
1. The cost price of the item for the business is $66.<br />2. The selling price of the item is$ 100.
3. Gross profit is calculated as the difference between the selling price and the cost price.

STEP 2

To find the gross profit, subtract the cost price from the selling price.
$Gross\, Profit = Selling\, Price - Cost\, Price$

STEP 3

Now, plug in the given values for the selling price and cost price to calculate the gross profit.
$Gross\, Profit = \$100 - \$66$

STEP 4

Calculate the gross profit.
$Gross\, Profit = \$100 - \$66 = \$34$
The gross profit for the item is $34.

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