A store that buys and sells used video games buys a game at a cost of $29 and sells it at a selling price of $34
. Find the markup. Then find the percent markup.
The markup is the difference between the selling price and the cost price:
Markup = Selling Price - Cost Price = $34 - $29 = $5
To find the percent markup, we use the formula:
Percent Markup = (Markup / Cost Price) * 100
Percent Markup = ($5 / $29) * 100 = 17.24% (rounded to two decimal places)
Therefore, the markup is $5 and the percent markup is 17.24%.