Question

The wholesale price for a dozen pairs of socks is $4.30. The retail price for the same dozen pairs of socks is $9.25. What is the mark-up the retailer used? Write your answer as a complete sentence.

Answer 1

the mark up used by the retailer is 115.12% of the wholesale price

Explanation:

Mark-up is the percentage increase of the retail price over the wholesale price

Mark-up = (difference between retail and whole sale price / retail price ) x 100

difference between retail and whole sale price = $9.25 - $4.30 = $4.95

(4.95 / 4.3) x 100 = 115.12%.