Question

A wholesaler buys plastic lamps for $18 each and sells them for $30.60. What is the percent markup based on cost?

Answer 1

(30.60-18)/18 = 0.70 = 70%

Answer 2

41%

Answer 3

[AI-generated answer — Explain Bot]

To find the percent markup based on cost, we first need to calculate the markup amount. The markup is the difference between the selling price and the cost price.

Markup = Selling Price - Cost Price

Given that the wholesaler buys the plastic lamps for $18 and sells them for $30.60, we can calculate the markup as follows:

Markup = $30.60 - $18
Markup = $12.60

Now, to find the percent markup based on cost, we divide the markup amount by the cost price and then multiply by 100.

Percent Markup = (Markup / Cost Price) * 100

Percent Markup = ($12.60 / $18) * 100
Percent Markup ≈ 70%

Therefore, the percent markup based on cost for the wholesaler is approximately 70%.