The selling price for a raincoat is $ 76.09. What percent of the sale price is the markup, if the cost of the raincoat was $ 70 ? ( Round to the nearest whole percent )
(a) 8 % (b) 7 % (c) 5 % (d) 10 % (e) 9 %
100(6.09/70) = ?
To find the percent markup, we need to calculate the difference between the selling price and the cost price, and then calculate what percent this difference is of the cost price.
Step 1: Calculate the difference between the selling price and the cost price.
Selling price - Cost price = Markup
$76.09 - $70 = $6.09
Step 2: Calculate the percent that the markup is of the cost price.
Markup / Cost price * 100 = Percent Markup
$6.09 / $70 * 100 = 8.7%
The percent markup is approximately 8.7%.
Rounding to the nearest whole percent, the answer is (a) 8%.