In a certain store, the profit is 320% of the cost. If the cost increases by 25% but the selling price remains constant, approximately what percentage of the selling price is the profit?

30%
70%
100%
250%

Correct answer: 70%

Solution

If cost price is 100, profit is 320, so selling price is 420. After a 25% increase in cost, new cost becomes 125 while selling price stays 420, so new profit is 295. As a percentage of selling price, profit = \(\frac{295}{420}\times 100 \approx 70\%\).

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