jared, an accountant, observes that his company purchased mixing bowls at a cost of $3.50 and is currently…

jared, an accountant, observes that his company purchased mixing bowls at a cost of $3.50 and is currently selling them at a price of $7.78. what is the mark - up, as a percentage? round your answer to the nearest percent and include a percent sign (%).

jared, an accountant, observes that his company purchased mixing bowls at a cost of $3.50 and is currently selling them at a price of $7.78. what is the mark - up, as a percentage? round your answer to the nearest percent and include a percent sign (%).

Answer

Explanation:

Step1: Find the mark - up amount

Mark - up amount = Selling price - Cost price. So, $7.78−3.50 = 4.28$.

Step2: Calculate the mark - up percentage

Mark - up percentage = $\frac{\text{Mark - up amount}}{\text{Cost price}}\times100%$. Substitute the values: $\frac{4.28}{3.50}\times100%=\frac{428}{3.50}% \approx 122.29%$.

Step3: Round to the nearest percent

Rounding 122.29% to the nearest percent gives 122%.

Answer:

122%