An item has a 45% markup based on selling price. What is the equivalent markup percent based on the cost?

Question

A hardware store plans to sell its best-quality floor tiles for $18 each. This is a 38% markup based on selling price.

Find the cost
Find the markup

Answer 1

If the selling price is 45% profit, then it is 55% cost.

So, the markup is 44/55 = 80%

use similar logic on the second part.