Question

Oak city high school ordered jerseys to sell at the opening game. the school paid $9.25 each for 225 jerseys. each jersey sold for $15.75. the school's profit on each jersey sold at the game was $6.50. what was the percent of markup for each jersey? round to the nearest whole percent.

A. 30%
B. 45%
C. 70%
D. 90%

Answer 1

The percent markup on each jersey sold by the high school was C. 70 %.

To calculate the percent markup for each jersey, you can use the following formula:

Percent Markup = [(Selling Price - Cost Price) / Cost Price] * 100

Selling Price is the price at which the jersey was sold.

Cost Price is the price at which the school purchased the jersey.

The information in the question:

Cost Price (CP) = $9.25

Selling Price (SP) = $15.75

Calculate the percent markup:

Percent Markup = [(15.75 - 9.25) / 9.25] * 100

Percent Markup = (6.50 / 9.25) * 100

Percent Markup = 70.27%

= 70 %