At Outdoor Adventures Company, all items are marked up to maximize profit. Life preservers cost $23 when purchased directly from the manufacturer. The store sells them for $35. What is the percent increase in the price of life preservers?
12%
34%
52%
66%
The markup is the difference between the selling price and the cost price, which is $35 - $23 = $12.
The percent increase is then given by (markup/cost price) * 100% = (12/23) * 100% ≈ 52%.
Therefore, the percent increase in the price of life preservers is 52%.