Question

Julia decides to sell the baskets she doesn’t have room for. If she bought each of them for $8.50 and sells them for $12, what is percent of markup? What is her overall profit?

Answer 1

Given:

Cost = $8.50,

The selling price = is $12.00.

Find markup:

$12.00 - $8.50 = $3.50

Percent of markup:

3.50/8.50 × 100% = 41.18% (rounded)

The number of baskets is not given. If it is x, then the total profit is:

3.5x dollars

Explanation:

Answer 2

Given:

• Cost = $8.50,
• Selling price = $12.00.

Find markup:

• $12.00 - $8.50 = $3.50

Percent of markup:

• 3.50/8.50 × 100% = 41.18% (rounded)

The number of baskets is not given. If it is x, then total profit is:

• 3.5x dollars