The cost of an article is $6.90 and the selling price is $11.04. What is the percent markup?

2 Answers
Jul 15, 2017

160%

Explanation:

"Percentage change"=("New value")/("Old value")*100=11.04/6.90*100=160%

Jul 15, 2017

You can do this by equivalent fractions

Explanation:

If we call the cost 100% then the difference between selling price and cost is the markup.

($6.90)/(100%)=($11.04)/(X%)-> cross-multiply

$6.90xxX%=$11.04xx100%->

X%=(cancel$11.04xx100%)/(cancel$6.90)=160%

Markup =160%-100%=60%

Note:
Another way is to take the difference as a percentage of the cost:

Markup =($11.04-$6.90)/($6.90)xx100%=(cancel$4.14)/(cancel$6.90)xx100%=60%