If the markup on an oven is 200% based on cost, what is the corresponding percent markup based on selling price?
Round percents to the nearest tenth of a percent. Do not enter the percent symbol in your answer.
the selling price is 1/3 cost and 2/3 markup.
At Costco, a microwave is marked up by 30% based on selling price. What is the corresponding percent markup basedon cost? Round to the tenth percent
To find the corresponding percent markup based on the selling price, we need to use the formula:
Percent Markup on Selling Price = (Percent Markup on Cost / (1 + Percent Markup on Cost)) * 100
In this case, the markup on the oven is 200% based on cost. So the percent markup on cost is 200%.
Let's substitute this value into the formula:
Percent Markup on Selling Price = (200 / (1 + 200)) * 100
Now let's calculate the expression inside the parentheses:
Percent Markup on Selling Price = (200 / 201) * 100
Divide 200 by 201:
Percent Markup on Selling Price = 0.995 * 100
Multiply 0.995 by 100:
Percent Markup on Selling Price = 99.5
Therefore, the corresponding percent markup based on the selling price is 99.5%.