Solve the problem. Round rates to
-A local dealer sells baseballs for $25.00 each. If this is a 61.9% markup on cost, find the equivalent markup percent on the selling price
A)38.2%
B)61.9%
C)61.8%
D)70.3%

Question

Quizplus · Accepted Answer

The markup percent on the selling price is calculated by dividing the markup by the selling price. If the selling price is $25 and this includes a 61.9% markup on cost, we first find the original cost. Let the cost be $C. Then, $25 = C + 0.619C = 1.619C. Solving for C gives C = $25 / 1.619 ≈ $15.44. The markup in dollars is $25 - $15.44 = $9.56. The markup percent on the selling price is ($9.56 / $25) * 100% ≈ 38.2%.

Solve the Problem. Round Rates to