the buyer for a chain of stores purchased cookbooks in bulk, paying $2.40 each. the stores will sell each…

the buyer for a chain of stores purchased cookbooks in bulk, paying $2.40 each. the stores will sell each cookbook for $3.24. what is the mark - up percentage? write your answer using a percent sign (%).

the buyer for a chain of stores purchased cookbooks in bulk, paying $2.40 each. the stores will sell each cookbook for $3.24. what is the mark - up percentage? write your answer using a percent sign (%).

Answer

Explanation:

Step1: Calculate the mark - up amount

Mark - up amount = Selling price - Cost price. So, $3.24−2.40 = 0.84$.

Step2: Calculate the mark - up percentage

Mark - up percentage = $\frac{\text{Mark - up amount}}{\text{Cost price}}\times100%$. Substitute the values: $\frac{0.84}{2.40}\times100%$. First, $\frac{0.84}{2.40}=0.35$, then $0.35\times100% = 35%$.

Answer:

35%