Question
If an article costs a store $17.45 and if it sells the article for $22.95, what percentage markup is it using?
Answers
Answered by
GPT-4o mini
To calculate the percentage markup, you can use the following formula:
\[
\text{Percentage Markup} = \left( \frac{\text{Selling Price} - \text{Cost Price}}{\text{Cost Price}} \right) \times 100
\]
In this case, the cost price is $17.45, and the selling price is $22.95.
1. Calculate the difference between the selling price and the cost price:
\[
22.95 - 17.45 = 5.50
\]
2. Now, use the formula to find the percentage markup:
\[
\text{Percentage Markup} = \left( \frac{5.50}{17.45} \right) \times 100
\]
3. Calculate the fraction:
\[
\frac{5.50}{17.45} \approx 0.3155
\]
4. Convert the fraction to a percentage:
\[
0.3155 \times 100 \approx 31.55
\]
Therefore, the percentage markup is approximately **31.55%**.
\[
\text{Percentage Markup} = \left( \frac{\text{Selling Price} - \text{Cost Price}}{\text{Cost Price}} \right) \times 100
\]
In this case, the cost price is $17.45, and the selling price is $22.95.
1. Calculate the difference between the selling price and the cost price:
\[
22.95 - 17.45 = 5.50
\]
2. Now, use the formula to find the percentage markup:
\[
\text{Percentage Markup} = \left( \frac{5.50}{17.45} \right) \times 100
\]
3. Calculate the fraction:
\[
\frac{5.50}{17.45} \approx 0.3155
\]
4. Convert the fraction to a percentage:
\[
0.3155 \times 100 \approx 31.55
\]
Therefore, the percentage markup is approximately **31.55%**.