J.C.Penney's pays $16.50 for a six-ounce bottle of cologne and sells it for $25.95.Its markup as a percentage of cost is approximately ____ percent for this product.
A) 64
B) 36
C) 18
D) 57
E) 45

Question

Quizplus · Accepted Answer

Markup percentage can be calculated using the formula:

Markup percentage = ((Selling price - Cost price) / Cost price) x 100

In this case, the cost price of the cologne is $16.50 and the selling price is $25.95.

Markup percentage = ((25.95 - 16.50) / 16.50) x 100
Markup percentage = 9.45 / 16.50 x 100
Markup percentage = 0.57 x 100
Markup percentage ≈ 57%

Therefore, the markup percentage as a percentage of cost for this product is approximately 57%. The best choice is D.

JCPenney's Pays $16