a retailer sells soup pots for $47 that were acquired at a cost of $20. what is the mark - up percentage…
a retailer sells soup pots for $47 that were acquired at a cost of $20. what is the mark - up percentage? write your answer using a percent sign (%).
Answer
Explanation:
Step1: Calculate the markup amount
Markup amount = Selling price - Cost price = $47 - 20=27$
Step2: Calculate the markup percentage
Markup percentage = $\frac{\text{Markup amount}}{\text{Cost price}}\times100%=\frac{27}{20}\times 100%$ $=\frac{27\times100}{20}% = 135%$
Answer:
$135%$