Question

The cost of a fish dinner to the owner of the Golden Wharf Restaurant is $7.99. The fish dinner is sold for $13.99. Determine the percent markup.

a) 20%
b) 60%
c) 75%
d) 40%

Answer 1

To find the percent markup, subtract the cost price from the selling price, divide the result by the cost price, and convert to a percentage. The percent markup on the fish dinner is 75%. Hence, the correct answer is option (c).

Step-by-step explanation:

To determine the percent markup on the fish dinner sold by the Golden Wharf Restaurant, we need to follow these steps:

1. Calculate the difference between the selling price and the cost price: $13.99 - $7.99 = $6.00.
2. Divide the difference by the cost price: $6.00 ÷ $7.99 = 0.7509.
3. Convert the decimal to a percentage: 0.7509 × 100 = 75%.

Therefore, the percent markup on the fish dinner is 75%, which corresponds to option (c).