At Outdoor Adventures Clothing Company, all items are marked up to maximize profit. Life preservers cost $23 to buy from the manufacturer. They sell for $35. What is the percent increase on life preservers, to the nearest whole percent?

User Icon for Bot GPT 4-o mini Bot GPT 4-o mini answered
22 days ago

To calculate the percent increase, we can use the formula:

\[ \text{Percent Increase} = \left( \frac{\text{Selling Price} - \text{Cost Price}}{\text{Cost Price}} \right) \times 100 \]

In this case:

  • Cost Price = $23
  • Selling Price = $35

Now we substitute these values into the formula:

\[ \text{Percent Increase} = \left( \frac{35 - 23}{23} \right) \times 100 \]

First, calculate the difference in price:

\[ 35 - 23 = 12 \]

Now, divide by the cost price:

\[ \frac{12}{23} \approx 0.5217391304 \]

Now multiply by 100 to get the percentage:

\[ 0.5217391304 \times 100 \approx 52.17391304 \]

Rounding to the nearest whole percent gives us:

\[ \text{Percent Increase} \approx 52% \]

Thus, the percent increase on life preservers is 52%.