Question

The retail price of a golf club is $535. If the golf store has marked up the price by $35 what is the markup rate

Answer 1

Markup rate = 6.54%

Explanation:

To find the markup rate, we can use the formula:

`\sf \textsf{Markup Rate} = \left( \frac{\textsf{Markup Amount}}{\textsf{Cost Price}} \right) * 100\%`

Given that the markup amount is $35 and the cost price is $535, substitute these values into the formula:

`\sf \textsf{Markup Rate} = \left( (35)/(535) \right) * 100\%`

Now, calculate the markup rate:

`\sf \textsf{Markup Rate} = (35)/(535) * 100\%`

`\sf \textsf{Markup Rate} \approx 0.06542 * 100\%`

`\sf \textsf{Markup Rate} \approx 6.54\%`

Therefore, the markup rate is approximately 6.54%.