Treadmill, cost is x, amount of markup $880.00, selling price of $2,335.00, what is percent markup based on cost?
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To calculate the percentage markup based on cost, you would need to find the difference between the markup and the cost, and then divide it by the cost. Finally, multiply the result by 100 to convert it to a percentage. Here's how you can calculate it:
1. Subtract the original cost from the selling price to find the markup amount:
Markup Amount = Selling Price - Cost
In this case, the selling price is $2,335.00 and the cost is represented by x, so the markup amount is:
Markup Amount = $2,335.00 - x
2. Set up an equation using the given information about the markup amount:
Markup Amount = $880.00
Substitute the markup amount from the previous step:
$880.00 = $2,335.00 - x
3. Solve the equation to find x (the cost):
Move the x term to one side of the equation:
$2,335.00 - x = $880.00
Subtract $880.00 from both sides:
$2,335.00 - $880.00 = x
Simplify:
$1,455.00 = x
Therefore, the cost of the treadmill is $1,455.00.
4. Calculate the percentage markup based on the cost:
Percent Markup = (Markup Amount / Cost) * 100
Substitute the values:
Percent Markup = ($880.00 / $1,455.00) * 100
Calculate the result:
Percent Markup = 0.605 * 100
Percent Markup ≈ 60.5%
So, the percentage markup based on cost for this treadmill is approximately 60.5%.