If an article costs a store $17.45 and if it sells the article for $22.95, what percentage markup is it using?

Answer 1

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%.