Question

The owner of an electronics store received a shipment of mp3 players at a cost of $64.25 each. If he sells the mp3 players for $99.99 each, what is the percent of markup? Round the nearest whole percent

Answer 1

99.99 - 64.25 = 35.74

35.74/64.25 = 0.556 = 55.6% or 56% rounded

Answer 2

percentage markup to the nearest whole percent = 56%

Explanation:

He bought the mp3 device at a cost of $ 64.25 each and sold each at $99.99. The question ask us to calculate the percentage markup which means the percentage profit. The percentage profit is calculated from the amount of profit made.

profit = selling price - cost price

percentage markup = profit/cost price × 100

selling price = $99.99

cost price = $64.25

profit = 99.99 - 64.25 = $35.74

percentage markup = 35.74/64.25 × 100

percentage markup = 3574/64.25

percentage markup = 55.626459144

percentage markup to the nearest whole percent = 56%