Question

French Co. marks up its goods 45% on cost. What is French's equivalent markup on selling price? Round to the nearest hundredth percent.

Answer 1

Let
CP ------> cost price
SP ------> Selling price

we know that
SP= CP + 0.45CP
Mark up = 0.45CP
Ratio of Mark up to Selling price-------> 0.45CP/(CP + 0.45CP)
= 0.45/(1+0.45)-------> 0.45/1.45=0.3103
0.3103 multiplied by 100 = 31.03%

the answer is
31.03%