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 th e mark-up the retailer used? Write your answer as a complete sentence.
1 answer:
Answer:
the mark up used by the retailer is 115.12% of the wholesale price
Step-by-step 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%.
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