Question

An entrepreneur buys some oil paintings. Each one costs $50 and resells online for $57. What is the mark-up, as a percentage?

Write your answer using a percent sign (%).

Answer 1

To calculate the mark-up as a percentage, you can use the following formula:

\[
\text{Mark-up Percentage} = \left( \frac{\text{Selling Price} - \text{Cost Price}}{\text{Cost Price}} \right) \times 100
\]

In this case:

- Cost Price = $50
- Selling Price = $57

Now, plug the values into the formula:

\[
\text{Mark-up Percentage} = \left( \frac{57 - 50}{50} \right) \times 100
\]

\[
= \left( \frac{7}{50} \right) \times 100
\]

\[
= 0.14 \times 100
\]

\[
= 14\%
\]

Thus, the mark-up is **14%**.