A baker can make a cupcake for $2.30. She would like a profit of 50 cents each. What is the percent markup on the cupcake, to the nearest tenth of a percent?
i got about a 22% markup
Well, if the baker wants a 50 cent profit on a $2.30 cupcake, that means she wants to sell it for... let me do the math here... $2.80. Now, let's figure out the percent markup. We take the difference between the selling price and the cost price, which is $2.80 - $2.30 = $0.50. To calculate the percent markup, we divide this difference by the cost price and multiply by 100. So, 0.50 ÷ 2.30 x 100 = 21.7%. To the nearest tenth of a percent, the percent markup is approximately 21.7%. That's one tasty markup!
To find the percent markup on the cupcake, we need to calculate the difference between the selling price and the cost price, and then express it as a percentage of the cost price.
The selling price of the cupcake is the cost price plus the desired profit. In this case, the cost price is $2.30 and the desired profit is 50 cents. So, the selling price would be:
Selling price = Cost price + Profit
Selling price = $2.30 + $0.50
Selling price = $2.80
Now, let's calculate the difference between the selling price and the cost price:
Markup = Selling price - Cost price
Markup = $2.80 - $2.30
Markup = $0.50
To express the markup as a percentage of the cost price, we can use the formula:
Percent Markup = (Markup / Cost price) * 100
Substituting the values, we have:
Percent Markup = ($0.50 / $2.30) * 100
Percent Markup ≈ 0.2174 * 100
Percent Markup ≈ 21.74
Rounding to the nearest tenth of a percent, the percent markup on the cupcake is approximately 21.7%.