Answer:
The markup is $2.48
Step-by-step explanation:
* Lets explain the problem
- There is a cost price we don't know it
- There is a selling price we know it
- There is a markup we want to find it
- The relation between the cost price , the selling price and the markup
is ⇒ selling price - cost price = markup
∵ The percentage of the selling price is 109%
∵ The percentage of the cost price is 100%
- That means the markup rate = 109% - 100% = 9%
∵ The selling price is $29.99
- Lets use the ratio to find the cost price
∵ selling price / cost price = selling price% / cost price%
∴ 29.99 / cost price = 109 / 100
- By using cross multiplication
∴ cost price × 109 = 29.99 × 100
∴ cost price × 109 = 2999
- Divide both sides by 109
∴ cost price = $27.51
∵ The markup = selling price - cost price
∴ The markup = 29.99 - 27.51 = $2.48
* The markup is $2.48
