The profit is $32 and the rate of profit is 15.38%.
What is Profit?
The amount earned by a person after selling goods or services is called Profit.
The cost price of the dryer is $160
The selling price of the dryer is $240
Overhead Expenses is 20% of $240
Overhead expenses = $48
Profit = Selling Price- Cost price
Profit = (240-(160+48)) = $32
Profit % = ( Selling Price- Cost price) * 100/ cost price
Profit % = (240 - (160+48)) * 100/ (160+48)
= 15.38%
Therefore, the profit is $32 and the rate of profit is 15.38%.
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