Question
Mike bought an old music album at a yard sale for $9. He sold it online for $15.30. What is the percentage of the markup?
A
55%
B
60%
C
70%
D
85%
A
55%
B
60%
C
70%
D
85%
Answers
GPT 3.5
To find the percentage of markup, we need to calculate the difference between the selling price and the cost price, and then divide that by the cost price.
Markup = Selling Price - Cost Price = $15.30 - $9 = $6.30
Percentage Markup = Markup / Cost Price * 100% = $6.30 / $9 * 100%
Percentage Markup = 70%
Therefore, the correct answer is option C) 70%.
Markup = Selling Price - Cost Price = $15.30 - $9 = $6.30
Percentage Markup = Markup / Cost Price * 100% = $6.30 / $9 * 100%
Percentage Markup = 70%
Therefore, the correct answer is option C) 70%.