Field Company, an oil equipment wholesaler, purchases drilling bits for $3,147.50 each. Field sells the bits for $5,036. Field estimates the overhead expenses for each bit to be 20% of the selling price. What is the estimated net profit on each bit?

A (U.S.) business math course typically includes a review of elementary arithmetic, including fractions, decimals, and percentages. Elementary algebra is often included as well, in the context of solving practical business problems.