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 $40. Find the markup. Then find the percent markup.
The markup is calculated by subtracting the cost price from the selling price:
Markup = Selling price - Cost price
= $40 - $29
= $11
To find the percent markup, divide the markup by the cost price and multiply by 100:
Percent Markup = (Markup / Cost price) * 100
= ($11 / $29) * 100
≈ 37.93%
Therefore, the markup is $11 and the percent markup is approximately 37.93%.