Question

Mr lippman bought a dryer for 160 bucks and sold it for 240 bucks. if overhead expenses were 20% of the selling price, what was the rate of profit on the selling price?

Answer 1

This is the concept of business mathematics, the profit will be given by:
profit=selling price-(buying price+overheads)
overheads=20/100*240=$48
thus the profits will be:
profit=240-(160+48)
=240-208
=$32