Find the percent markup based on selling price, if the percent markup based on the cost is 14%. (Round to the nearest tenth percent.)
if the cost is 1, the selling price is 1.14 So, the markup is .14.
.14/1.14 = ?
To find the percent markup based on selling price, we can use the following formula:
Percent Markup on Selling Price = (Percent Markup on Cost / (100 - Percent Markup on Cost)) * 100
Given that the percent markup based on the cost is 14%, we can substitute it into the formula:
Percent Markup on Selling Price = (14 / (100 - 14)) * 100
Simplifying further:
Percent Markup on Selling Price = (14 / 86) * 100
Percent Markup on Selling Price ≈ 16.3%
Therefore, the percent markup based on selling price is approximately 16.3%.
To find the percent markup based on selling price, we can use the following formula:
Percent Markup based on Selling Price = (Selling Price - Cost Price) / Selling Price * 100
First, let's assume the cost price is 100.
So, the markup based on the cost price would be 14% of 100, which is 14.
Now, let's calculate the selling price by adding the markup to the cost price:
Selling Price = Cost Price + Markup based on Cost Price
Selling Price = 100 + 14
Selling Price = 114
Next, we can find the percent markup based on selling price using the formula mentioned above:
Percent Markup based on Selling Price = (114 - 100) / 114 * 100
Percent Markup based on Selling Price = 14 / 114 * 100
Percent Markup based on Selling Price ≈ 12.3%
Therefore, the percent markup based on selling price, if the percent markup based on the cost is 14%, is approximately 12.3%.