Twenty years ago, a family purchased a vacant lot for $26,500. they made no improvements during the time they owned the property. recently, they sold the lot for $62,275. what was their percentage of gross profit?

The percentage of gross profit is 57%.

Explanation:

This problem requires us to calculate the percentage of gross profit. Cost of item sold and its sale price is given in the question. Detail calculation is given below.

First calculating Gross profit

Gross profit = 62,275 - 26,500 = $ 35,775

Gross profit percentage = Gross profit/Sales * 100

                                          = 35,775/62,275 * 100 = 57%

it's actually a very difficult task, due to not many people can make 2 million dollars in 2 years. besides that, to the not-so-realistic ideas, you can create a business. it could be practically anything, but make it into a business that isn't that known yet, you get me? also, lets not forget about stock market. that's where all the good stuff happens. use investments at the beginning and begin to raise up your business or whatever you're going to do. as this is a very non-realistic idea, it's still worth the shot!

answer; microeconomics;