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Think About the Process  A store that buys and sells used video games buys a game at a cost of ​$19 and sells it at a selling price of ​$23. Find the markup. Then find the percent markup.

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To find the markup and the percent markup of the video game, we can use the following formulas:

  1. Markup: This is calculated as the selling price minus the cost price.

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

  2. Percent Markup: This is calculated as the markup divided by the cost price, multiplied by 100 to convert it into a percentage.

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

Now, let's calculate the markup and percent markup:

Step 1: Calculate the markup

  • Cost Price = $19
  • Selling Price = $23

\[ \text{Markup} = 23 - 19 = 4 \]

Step 2: Calculate the percent markup

\[ \text{Percent Markup} = \left( \frac{4}{19} \right) \times 100 \]

Calculating the fraction:

\[ \frac{4}{19} \approx 0.2105 \]

Now, multiply by 100:

\[ 0.2105 \times 100 \approx 21.05% \]

Final Results:

  • Markup: $4
  • Percent Markup: approximately 21.05%