Question

an entrepreneur buys some grandfather clocks. each one costs $550 and resells online for $814. what percentage is the mark - up? write your answer using a percent sign (%).

Explanation:

Step1: Find the mark - up amount

The cost price (CP) of each clock is $550 and the selling price (SP) is $814. The mark - up amount (M) is calculated as the difference between the selling price and the cost price. So, \(M = SP - CP\).
Substituting the values, we get \(M=814 - 550=264\).

Step2: Calculate the mark - up percentage

The formula for mark - up percentage (\(p\)) is \(p=\frac{M}{CP}\times100\%\).
We know that \(M = 264\) and \(CP = 550\). Substituting these values into the formula, we have \(p=\frac{264}{550}\times100\%\).
First, simplify \(\frac{264}{550}\). Divide both the numerator and the denominator by 22: \(\frac{264\div22}{550\div22}=\frac{12}{25}\).
Then, \(\frac{12}{25}\times100\%=12\times4\% = 48\%\).

Answer:

\(48\%\)