Question

The cost of a fish dinner to the owner of the golden wharf restaurant is $11.55. The fish dinner is sold for $20.55. Determine the percent markup.

Answer 1

The owner of the restaurant pays $11.55 for the dinner and charges $20.55 for it.

To determine the percent markup, you have to calculate the percentage of increase.

-First, calculate the difference between the sale price and the buy price:

`20.55-11.55=9`

-Second, divide the result by buy value and multiply by 100:

`(9)/(11.55)\cdot100=77.92`

The markup percent is 77.92%