Answer:
The cost price was increased by 33.33 % to provide this profit
Explanation:
Given:
Cost price = $3
Selling price = $4
Gross profit = $1
To Find:
Profit percentage =?
Solution:
Profit Formula calculates the net gains or losses incurred by subtracting total expenses from total sales.
Now profit = 4 - 3 = 1
Now the profit percentage can be found by
=
=
=
= 33.33%