Question

A store manager purchased hoodies for $24.99 apiece. He sells the hoodies for $32. What is the markup percentage?

Answer 1

Given:

A  store manager purchased hoodies for $24.99 apiece.

He sells the hoodies for $32.

To find:

The markup percentage.

Solution:

We have,

Cost price (C.P.) = $24.99

Selling price (S.P.) = $32

We know that,

$\text{Markup percentage}=\dfrac{S.P.-C.P.}{C.P.}\times 100$

$\text{Markup percentage}=\dfrac{32-24.99}{24.99}\times 100$

$\text{Markup percentage}=\dfrac{7.01}{24.99}\times 100$

$\text{Markup percentage}=\dfrac{701}{24.99}$

$\text{Markup percentage}\approx 28.05$

Therefore, the markup percentage is 28.05%.