A retailer sells maps of the world for $3.93 that were acquired at a cost of $3. What percentage is the mark-up?
The mark-up can be calculated using the following formula:
Mark-up = (Selling Price - Cost Price) / Cost Price
Mark-up = ($3.93 - $3) / $3 = $0.93 / $3 ≈ 0.31
Now, to find the percentage mark-up, multiply the result by 100:
Percentage mark-up = 0.31 * 100 ≈ 31%
Therefore, the mark-up percentage is approximately 31%.