Final answer:
The price of the coffee mug increased from $6.25 to $8.77 which is a 40.32% increase. The calculation is done by dividing the price increase by the original price and then multiplying by 100 to get the percentage.
Step-by-step explanation:
To calculate the percentage increase in price for the coffee mug from $6.25 to $8.77, you would use the formula: Percentage Increase = ((New Price - Original Price) / Original Price) * 100.
So, you first subtract the original price from the new price: $8.77 - $6.25 = $2.52.
Next, divide the price increase by the original price: $2.52 / $6.25 = 0.4032.
Finally, to find the percentage, you multiply by 100: 0.4032 * 100 = 40.32%.
Therefore, the price of the coffee mug increased by 40.32% percent. So the correct answer is option 2) 40.32%.