calculate the gross profit margin for an item...
calculate the gross profit margin for an item that cost the business $21 and sold for $50. gross profit = $29 gross profit margin = ?%
Answer
# Explanation:
## Step1: Recall the formula
Gross Profit Margin = $\frac{\text{Gross Profit}}{\text{Revenue}}\times100\%$
## Step2: Identify values
Gross Profit = $29$, Revenue = $50$
## Step3: Calculate margin
Gross Profit Margin = $\frac{29}{50}\times100\%= 58\%$
# Answer:
58%