Javier has a worm business in which he buys night crawlers from younger kids for 4 cents each and sells them for $1.25 per dozen. What is the percent markup on cost, to the nearest tenth of a percent?
a. 160.4%
b. 61.6%
c. 96.8%
d. 3.025%
cost price = 12(4) cents = 48 cents/dozen
selling price = 125 cents/dozen
profit = 77 cents/dozen
markup = 77/48 x 100% = 160.4%
To find the percent markup on cost, we need to calculate the difference between the selling price and the cost price as a percentage of the cost price.
First, let's calculate the cost per dozen of night crawlers. Javier buys each worm for 4 cents, so the cost for a dozen worms would be 12 times the cost per worm, which is 4 cents:
Cost per dozen = 12 * 4 cents = 48 cents.
Now, let's calculate the markup, which is the difference between the selling price and the cost price:
Markup = Selling price - Cost price = $1.25 - $0.48 = $0.77.
To find the markup as a percentage of the cost price, we divide the markup by the cost price and multiply the result by 100:
Percent Markup = (Markup / Cost price) * 100 = ($0.77 / $0.48) * 100 = 160.4%.
Therefore, the percent markup on cost, to the nearest tenth of a percent, is 160.4%.
Therefore, the correct answer is (a) 160.4%.