A retailer sells red pillowcases for $3.11 that were acquired at a cost of $1.10. What percentage is the mark-up?
Round your answer to the nearest percent and include a percent sign (%).
The mark-up is calculated by subtracting the cost price from the selling price and then dividing the result by the cost price.
Mark-up = (Selling price - Cost price) / Cost price
In this case, the selling price is $3.11 and the cost price is $1.10.
Mark-up = ($3.11 - $1.10) / $1.10
Mark-up = $2.01 / $1.10
Mark-up ≈ 1.827
To express this as a percentage, multiply the resulting decimal by 100.
Mark-up ≈ 1.827 * 100
Mark-up ≈ 182.7%
Rounded to the nearest percent, the mark-up is approximately 183%.