Question

A store spent 150 on a bike and sells it for365. What is the percent markup on the bike?

Answer 1

The percent markup on the bike is calculated by subtracting the cost price from the selling price, dividing by the cost price, and then converting to a percentage. The markup on a bike bought for $150 and sold for $365 is 143.33%.

Step-by-step explanation:

The percent markup is calculated by finding the difference between the selling price and the cost price, and then dividing this difference by the cost price. Finally, that result is multiplied by 100 to get the percentage.

To calculate the percent markup on a bike that a store purchased for $150 and sold for $365, follow these steps:

1. Subtract the cost price from the selling price: $365 - $150 = $215.
2. Divide the markup by the cost price: $215/$150 = 1.4333 (rounded to four decimal places).
3. Convert to percentage by multiplying by 100: 1.4333 × 100 = 143.33%.

The percent markup on the bike is therefore 143.33%.