Holly paid $47 for a vase at an estate auction. She resold it to an antiques dealer for $214. What was her profit for $214. What was her profit or loss?
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The cost of the vase is $47. The selling price is $214.
The amount of profit/loss is the selling price minus the cost.
P=214-47=167. Since 167>0 this is a profit.
Holly made a profit of $167.
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