Answer:
The percentage of the markup is 82%
Step-by-step explanation:
In this question, we are asked to calculate the percentage of mark up. This is simply calculating the percentage of the profit margin.
firstly to be able to calculate this percentage, we need to know the value of the profit margin itself.
mathematically, the profit margin is selling price - cost price
From the question, the selling price is $1 while the cost price is 55 cents
The profit margin is thus $1 - 55 cents = 45 cents
We now proceed to calculate the percentage profit
mathematically, that is profit/cost price * 100%
That would be 45 cents/55 cents * 100 = 9/11 * 100% = 81.8 approximately 82%
