A backery makes loaves of bread for $1.40 and sells them for $1.75 per loaf. What is the percent markup on each loaf based on cost?
1.75 - 1.4 = 0.35
0.35 / 1.4 = 0.25 = 25%
To find the percent markup on each loaf based on cost, 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.
First, let's find the difference between the selling price and the cost price:
Selling price - Cost price = $1.75 - $1.40 = $0.35
Next, we'll calculate the markup as a fraction or decimal:
Markup = Difference / Cost price = $0.35 / $1.40 = 0.25
To express this markup as a percentage, we multiply this decimal value by 100:
Markup percentage = Markup * 100 = 0.25 * 100 = 25%
Therefore, the percent markup on each loaf based on cost is 25%.