An office supply store can buy an office chair for $30.If the store owner sells the office chair for $45,what is the markup based on the selling price?

Question

Quizplus · Accepted Answer

The markup is the difference between the selling price and the cost price as a percentage of the cost price.

Markup = ((Selling price - Cost price) / Cost price) * 100

Here, the cost price is $30 and the selling price is $45.

Markup = ((45 - 30) / 30) * 100
       = (15 / 30) * 100
       = 50 percent

Therefore, the markup based on the selling price is 50 percent.

An Office Supply Store Can Buy an Office Chair for $30.If