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Toricol
Toricol Toricol
  • 23-01-2017
  • Mathematics
Answered

A Les Paul Tradition Plus® guitar is $1,659 at cost and $2,259 at retail price. What is the markup rate on the guitar?

Verified Answer :

Edufirst
Edufirst Edufirst
  • 30-01-2017

The mark up rate is the percentage that the retailer added to the cost to set the selling price.

Here the amount added to the cost was: $2,259 - $1,659 = $ 600.

The percentage is calculated dividing the amount added to the cost by the same cost and multiplying the result times 100.

($600 / $1,659 ) * 100 = 36.17%

Answer: 36.17%

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