Question

In a fundraiser for thanksgiving a student sells pizza. If a box of pizza cost $14.50 and he sold it for $20.50. What is the markup rate on each box? Round to the nearest percent

Answer 1

The markup rate on each box=41%

Explanation:

The markup rate is the additional price that a good is sold at expressed as a percentage. This can be expressed as;

R={(S-C)/C}×100

where;

R=markup rate

S=selling price

C=cost

In our case;

R=unknown

S=$20.50

C=$14.50

replacing;

R={(20.5-14.5)/14.5}×100

R=(6/14.5)×100

R=41.38% rounded off=41%

The markup rate on each box=41%