AutoPartsWarehouse.com purchases chrome rims for $720 (for a set of 4) and uses a markup of...
AutoPartsWarehouse.com purchases chrome rims for $720 (for a set of 4) and uses a markup of 65% on selling price. What will be the percent markup on cost? Report your answer as a a percentage and round to the nearest percent.
Homework Answers
Ans 186%
| Let the selling price be x | |
| Cost + Profit = | Selling Price |
| 720 + 65%*x = | x |
| 720 = | x - 0.65x |
| 720 = | 0.35 x |
| x = | 720 / 0.35 |
| x = | 2057.142857 |
| Profit = | 65% * x |
| 65% * 2057.142857 | |
| 1337.1428571 | |
| Markup on Cost = | Profit / Cost * 100 |
| 1337.1428571 / 720 * 100 | |
| 185.71% | |
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