Question

A jewelry store sells a necklace at $365 that was original purchased at $240, what is the markup? Round your answer to the nearest whole percent.

Answer 1

We are given a selling price of $365 and a purchase cost of $240, we are asked to find the markup. The formula for calculating the mark up is the following:

`\text{markup}=\frac{sale\text{ price-cost}}{\cos t}`

we have that the sale price is 365 and the cost is 240. Replacing in the formula:

`\text{markup}=(365-240)/(240)`

solving the operations we get:

`\text{markup}=(125)/(240)=0.52`

This can be expressed as a percentage like this:

`\text{markup}=52\text{ percent}`

the markup is 52%