Question

A retailer marks up the price of a coffee mug from $6.25 to $8.77. By what percent did the price increase? Round to two decimal places.
a.
28.73%
b.
39.68%
c.
40.32%
d.
45.97%

Answer 1

Percent increase = (8.77 − 6.25) / 6.25 × 100% = 2.52 / 6.25 × 100% = 0.4032 × 100% = 40.32%.

Answer: c. 40.32%