Question

33. A book sold for $145 dollars last year. Now the book sells for $160.

What is the percent markup from last year to the nearest tenth of a percent?

Answer 1

10.3%

Explanation:

$160 is $15 more than $145. The markup is thus (15/145)(100%), or 10.3%

(to the nearest 10th of a percent)

Answer 2

10.3 %

Skills needed: Markup

Explanation:

1) There is a formula for mark-up that allows one to directly solve for the percentage, and it will be broken down below.

---> Markup is the percent increase for a product or service.

---> It finds out how much percent a product has increased in price from the original price.

---> There are certain markup percentages used by stores to determine the price of a new product or a product very high in demand.

2) The formula mark-up, which is the percent raise in the product price is as shown below:

`M=(C_n-C_o)/(C_o)*100`

`C_n` is the new (usually increased) cost

`C_o` is the original cost

`M` is markup (as a %)

(The 100 is there to convert the decimal answer into a percent).

3) We can use this for this problem, as the original price (Which is last year's price) is 145, and the new price is 160:

`M=(160-145)/(145)*100 \\ M=(15)/(145)*100 \\ M = 0.1034*100 \\ M=10.34\%`

(Note: I rounded 15 divided by 145 to the nearest ten-thousandths place as that is the amount of decimal places needed).

10.34% rounds to 10.3% when rounded to the nearest tenth (as stated).