Question

An album which originally cost p 900, mark up with 30%. What is the selling price? A. p 970.00 B. p 1070.00 C. p 1170.00 D.p 1270.00​

Answer 1

The markup percentage specifies the amount by which the selling price is

raised above the cost price.

• The correct option for the selling price is B. p 1,070.00

Reasons:

The original cost of the album = p900

The mark up percentage = 30%

Required:

The selling price

Solution:

The percentage mark up is given by the difference between the price at

which an item is for sale and its cost expressed as a percentage.

$\displaystyle Percentage \ mark \ up = \mathbf{\frac{Selling \ price - Cost \ price}{Cost \ price} \times 100}$

Therefore, we have;

$\displaystyle 30 = \frac{Selling \ price - 900 }{900} \times 100$

$\displaystyle 0.3 = \frac{Selling \ price - 900 }{900}$

900 × 0.3 = Selling price - 900

270 = Selling price - 900

Selling price = 900 + 270 = 1,070

The selling price is B. p 1,070.00

Learn more about percentage markup here:

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