Question

An entrepreneur buys some silver coat racks. Each one costs $500 and resells online for

$795. What is the mark-up percentage?
Write your answer using a percent sign (%).

Answer 1

The mark-up percentage on the silver coat racks is 59%.

Step-by-step explanation:

The question is asking for the mark-up percentage when an entrepreneur buys silver coat racks for $500 each and resells them for $795.

To calculate the mark-up percentage, we need to know the difference between the selling price and the cost price, which is also known as the mark-up.

Then we divide the mark-up by the cost price and multiply by 100 to get the percentage.

The mark-up can be calculated as follows:

• Selling price = $795
• Cost price = $500
• Mark-up = Selling price - Cost price = $795 - $500 = $295

Now we calculate the mark-up percentage:

Mark-up percentage = (Mark-up / Cost price) × 100

Mark-up percentage = ($295 / $500) × 100 = 0.59 × 100 = 59%.

Therefore, the mark-up percentage on the silver coat racks is 59%.