Question

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

Answer 1

`160%`

Explanation:

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

Answer 2

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%`