Jasmine Sold Land for $250,000 in 2015

Multiple Choice

Jasmine sold land for $250,000 in 2015. The land had a basis of $118,000 and she incurred selling expenses of $10,000. Jasmine received $50,000 cash down in 2015 and will receive five additional annual payments of $40,000 each. What is Jasmine's gross profit percentage on the sale?

A) 47.2%.
B) 48.8%.
C) 51.2%.
D) 100.0%.