Question

a specialty shop procures several bottles of perfume for $3.50 apiece and offers them to customers for $5.46 each. what is the mark-up percentage?
write your answer using a percent sign (%).

Explanation:

Step1: Find the mark - up amount

The cost price (C) is $3.50 and the selling price (S) is $5.46. The mark - up amount (M) is calculated as the selling price minus the cost price. So, \(M=S - C\).
Substituting the values, we get \(M = 5.46-3.50=1.96\).

Step2: Calculate the mark - up percentage

The formula for mark - up percentage (\(P\)) is \(\frac{M}{C}\times100\%\).
We know that \(M = 1.96\) and \(C = 3.50\). Substituting these values into the formula, we have \(P=\frac{1.96}{3.50}\times100\%\).
First, calculate \(\frac{1.96}{3.50}=0.56\). Then, multiply by 100%: \(0.56\times100\% = 56\%\).

Answer:

56%