Jane Westerlund owns a small retail picture frame store in a local strip mall. She just bought 10 picture frames from a promising woodworker for $36 each. Based on market conditions, she will sell these for $100 each. What is the percentage markup based on the selling price?
A)156 percent
B)36 percent
C)64 percent
D)100 percent
E)0 percent

Question

Quizplus · Accepted Answer

To find the percentage markup based on the selling price, we need to calculate the difference between the selling price and the cost price, and then express it as a percentage of the selling price.

The total cost of 10 picture frames is:
10 x $36 = $360

The total revenue from selling these frames is:
10 x $100 = $1000

The profit is the difference between the revenue and the cost:
$1000 - $360 = $640

The percentage markup based on the selling price is:
($640 / $1000) x 100% = 64%

Therefore, the correct answer is C.

Jane Westerlund Owns a Small Retail Picture Frame Store in a Local