Answer:
The mark up amount is $0.16 and the price after markup is $3.15.
Explanation:
The mark up on an items refers to the percentage of the cost added to the cost to make the selling price. It is the profit to be earned on the sale of a product expressed as a fraction or percentage of the cost.
Given
Cost of socks = $2.99
Mark up percentage = 5.5
The mark up amount
= $2.99 (5.5%)
= $0.16
The mark up price = $2.99 + $.016
= $3.15