Question

The owner of an audio store recived a shipment of portable stereos at a cost of $102.30 each.If he sells the stereos for 181.99 each, what is the percent of markup? Round to the nearest whole percent

Answer 1

I think this correct but 18% is what I got

Answer 2

Answer: The percent of markup on each stereo is 78 %

Explanation:

We are given:

Original cost of each stereo = $102.30

Selling price of each stereo = $181.99

Markup amount on each stereo = ($181.99 - $102.30) = $79.69

To calculate the percent of markup, we use the equation:

`\text{Percent of markup}=\frac{\text{Markup amount}}{\text{Original amount}}* 100`

Putting values in above equation, we get:

`\text{Percent of markup}=(\$79.69)/(\$102.30)* 100=77.90\% \approx 78\%`

Hence, the percent of markup on each stereo is 78 %