Question

A camera shop purchases a camera for $56.98 and sells it for $102.56. What is the percent of markup?

180%

20%

80%

120%

Answer 1

To calculate the percent of markup, you can use the formula:

\[
\text{Percent of Markup} = \left( \frac{\text{Selling Price} - \text{Cost Price}}{\text{Cost Price}} \right) \times 100
\]

Given:
- Cost Price = $56.98
- Selling Price = $102.56

First, find the markup amount:

\[
\text{Markup} = \text{Selling Price} - \text{Cost Price} = 102.56 - 56.98 = 45.58
\]

Now, plug the markup amount into the percent of markup formula:

\[
\text{Percent of Markup} = \left( \frac{45.58}{56.98} \right) \times 100
\]

Calculating this:

\[
\text{Percent of Markup} \approx 0.799 \times 100 \approx 79.9\%
\]

Rounding it, we see that it's approximately 80%.

Thus, the percent of markup is **80%**.