a pharmacy receives a gross profit of $40 on the most expensive medication it stocks, and the selling price…

a pharmacy receives a gross profit of $40 on the most expensive medication it stocks, and the selling price for this medication is $2,240. which of the following is the gross profit percentage of this particular medication? 2.200% 18% 5.600% 1.8%

a pharmacy receives a gross profit of $40 on the most expensive medication it stocks, and the selling price for this medication is $2,240. which of the following is the gross profit percentage of this particular medication? 2.200% 18% 5.600% 1.8%

Answer

Explanation:

Step1: Recall profit - percentage formula

The formula for gross - profit percentage is $\text{Gross Profit Percentage}=\frac{\text{Gross Profit}}{\text{Selling Price}}\times100%$.

Step2: Substitute given values

We are given that the gross profit is $$40$ and the selling price is $$2240$. Substitute these values into the formula: $\text{Gross Profit Percentage}=\frac{40}{2240}\times 100%$.

Step3: Simplify the fraction

$\frac{40}{2240}=\frac{1}{56}$. Then $\frac{1}{56}\times100%=\frac{100}{56}% \approx 1.8%$.

Answer:

1.8%