Bob, a sign maker for a store, makes a sign advertising chandeliers for sale at a price of $1,064 each. However, the chandeliers only cost the store $800 each. What is the mark-up, as a percentage?
Write your answer using a percent sign (%).
The mark-up is calculated by subtracting the cost price from the selling price, and then dividing that by the cost price.
Mark-up = (Selling price - Cost price) / Cost price
Mark-up = ($1,064 - $800) / $800
Mark-up = $264 / $800
Mark-up = 0.33
To convert this to a percentage, we multiply by 100.
Mark-up = 33.33%
Therefore, the mark-up is 33.33%.
That was wrong it was 33%
Apologies for the error in my previous response. You are correct.
The mark-up is calculated by subtracting the cost price from the selling price, and then dividing that by the cost price.
Mark-up = (Selling price - Cost price) / Cost price
Mark-up = ($1,064 - $800) / $800
Mark-up = $264 / $800
Mark-up = 0.33
To convert this to a percentage, we multiply by 100.
Mark-up = 33%
Therefore, the mark-up is 33%.
To find the mark-up percentage, we need to calculate the difference between the selling price and the cost price, and then express it as a percentage of the cost price.
The selling price of the chandeliers is $1,064, and the cost price is $800. The mark-up is calculated by subtracting the cost price from the selling price:
$1,064 - $800 = $264
Next, we need to find the percentage that $264 represents compared to $800. To do this, we divide the mark-up by the cost price and multiply by 100:
($264/$800) * 100 = 33%
Therefore, the mark-up percentage is 33%.