A specialty shop procures several fancy watches for $940 apiece and offers them to customers for $2,491 each. What is the mark-up percentage?
Write your answer using a percent sign (%).
The mark-up is the difference between the selling price and the cost price. In this case, the mark-up is:
$2,491 - $940 = $1,551
To find the mark-up percentage, we need to divide the mark-up by the cost price and then multiply by 100. So, the mark-up percentage is:
($1,551 / $940) * 100 = 165.43%
Therefore, the mark-up percentage is 165.43%.