1. lucy has a jewelry business. to make a certain necklace, she spends $3.38 on materials and $5.57 on labor. she then sells the necklace for $15.99. lucy’s profit on the necklace is equal to the sale price minus the cost of materials and labor.
(a) how much profit does lucy earn when she sells a necklace? what fraction of the sale price of the necklace is profit? record your answer as a fraction using whole numbers.
(b) what decimal of every dollar of the sale price of the necklace is profit? show your work. round your answer to the nearest hundredth.