The owner of an electronics store received a shipment of MP3 players at a cost of $64.25 each. If he sells the MP3 players for $99.99 each, what is the percent of markup? Round to the nearest whole percent.
A. 6%
B. 36%** (my answer)
C. 56%
D. 62%
(99.99/64.25) * 100% = 156%.
Markup = 156% - 100% = 56%.
Right now, I'm in between B and C.
I know my answer can't be A, though.
Oh, I think it's actually C! :0
That's better
To find the percent of markup, you need to calculate the difference between the selling price and the cost price, and then divide it by the cost price. Finally, you convert the decimal answer to a percentage.
Step 1: Calculate the difference between the selling price and the cost price.
Selling price - Cost price = Markup
$99.99 - $64.25 = $35.74
Step 2: Divide the markup by the cost price.
$35.74 / $64.25 ≈ 0.5566
Step 3: Convert the decimal to a percentage.
0.5566 * 100 ≈ 55.66%
Rounded to the nearest whole percent, the percent of markup is 56%. Therefore, the correct answer is C. 56%.