A store manager paid $95 for an item and set the selling price at $116.85. What was the percent markup? a 24% b

Question

A store manager paid $95 for an item and set the selling price at $116.85. What was the percent markup?

a
24%
b
23%
c
25%
d
18%

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Isabelle 2 weeks 2021-09-08T07:12:30+00:00 1 Answer 0

Answers ( )

    0
    2021-09-08T07:13:52+00:00

    We have been given that a store manager paid $95 for an item and set the selling price at $116.85. We are asked to find the percent mark-up.

    We will use percent increase formula to solve our given problem.  

    \text{Percent increase}=\frac{\text{Final}-\text{Initial}}{\text{Initial}}\times 100\%

    \text{Percent increase}=\frac{\$116.85-\$95}{\$95}\times 100\%

    \text{Percent increase}=\frac{\$21.85}{\$95}\times 100\%

    \text{Percent increase}=0.23\times 100\%

    \text{Percent increase}=23\%

    Therefore, the mark-up will be 23% and option ‘b’ is the correct choice.

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