If a storekeeper buys an item from a supplier for $10.00, and sells it for $20.00, the markup would be 200%.
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Not true.
The value of the mark up in the above example is $10.00 which, given a cost of $10.00, is a 100% mark up. A 200% mark up of an item costing $10.00 would entail a "profit" of $20.00 giving a total price of $30.00
