An entrepreneur buys some flutes. Each one costs $560 and resells online for $800. What is the mark-up, as a percentage?
Round your answer to the nearest percent and include a percent sign (%).
The mark-up can be calculated by subtracting the cost price from the selling price and then dividing the result by the cost price and multiplying by 100.
Markup = ((Selling price - Cost price) / Cost price) * 100
In this case, the cost price is $560 and the selling price is $800. Substituting these values into the formula:
Markup = ((800 - 560) / 560) * 100
Markup = (240 / 560) * 100
Markup ≈ 42.857 * 100
Markup ≈ 4285.7 %
Rounded to the nearest percent, the mark-up is 4286%.