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%.