mathematical equation

Question

If a shirt cost $47.50 with a markup of $34.00 what is the percent markup based on cost?

Answer 1

Percent Markup = 100% * Markup / Base Price

Now assuming that $47.50 is the price before the markup, you get:

Percent Markup = 100% * $34.00 / $47.50 = 71.6%

Answer 2

Given the cost of the item ($47.50) and the markup amount ($34.00), the percent of the markup based on the cost of the item is determined by the following equation:

     Percent markup = (markup/cost)(100%)

                            = (34.00/47.50)(100%)

                            = (0.716)(100%)

                            = 71.6%

                            ≈ 72%

Answer 3

This question is asking you to find the relationship between $34.00 (the markup) and $47.50 (the cost). "What percent" is asking you to express the relationship $34.00/$47.50 as a percent. The division problem gives you a very long decimal. The first few digits are: 0.71578 which can be rounded off to 0.716 or 0.72, depending on how many digits your teacher wants.  Percent means "out of 100" so the answer will be the number of hundredths: either 71.6% or 72%.