A bicycle business wants to understand more about their business costs and have asked you to step in and help. Their monthly costs are detailed below: store lease payment is $5,800 per month, utilities are $1,550, with internet service at $1,225. Business insurance is $580, and they are currently spending on average $14,500 on digital marketing and advertising. They have a monthly budget for salaried employees of $22,000. The component cost per XRC bike is $576 and are currently offering a $50 rebate. Last month, they sold 1,750 bikes. They currently feel that the right price is $1,300, but that is based only on instinct. They would like advice from you:

*Note - Round to the nearest cent ie $10.45 or to 1 decimal place for percentages ie 14.3%

Calculate the mark-up on cost of the XRC bike?