Find the percent markup based on selling price, if the percent markup based on the cost is 14%. (Round to the nearest tenth percent)
A) 86.0%
B) 12.3%
C) 48.6%
D) 15.9%

Question

Quizplus · Accepted Answer

The percent markup based on selling price can be calculated using the formula: Markup Percentage on Selling Price = (Markup / Selling Price) * 100. If the markup based on cost is 14%, this means for every $100 of cost, the markup is $14, making the selling price $114. Therefore, the markup percentage on selling price = ($14 / $114) * 100 = 12.3%.

Find the Percent Markup Based on Selling Price, If the Percent