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Lilly buys tea from England for $4 a box and sells it in “The Tea Party” for $12 a box. Find the percent of markup based on cost.

User IanWatson
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2 Answers

3 votes

Final answer:

To find the percent of markup based on cost, subtract the cost price from the selling price, then divide the markup by the cost price and multiply by 100 to find the percent.

Step-by-step explanation:

To find the percent of markup based on cost, we need to calculate the markup first. Markup is the difference between the selling price and the cost price. In this case, Lilly sells the tea for $12 a box and buys it for $4 a box. The markup is $12 - $4 = $8.

Next, we can calculate the percent of markup based on cost by dividing the markup by the cost price and multiplying by 100. So, the percent of markup based on cost is (8 / 4) * 100 = 200%.

User Ramdhas
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3.2k points
7 votes

Given:

Cost price (C.P.) = $4 per box

Selling price (S.P.) = $12 per box

To find:

The percent of markup based on cost.

Solution:

We know that,


Markup\%=(S.P.-C.P.)/(C.P.)* 100

On substituting the given values, we get


Markup\%=(12-4)/(4)* 100


Markup\%=(8)/(4)* 100


Markup\%=2* 100


Markup\%=200\%

Therefore, the percent of markup based on cost is 200%.

User Edward Strange
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4.2k points