Question

A local dealer sells baseballs for $25.00 each. If this is a 30.5% markup on cost, find the equivalent markup percent on the selling price.

Answer 1

To find the equivalent markup percent on the selling price, we first need to calculate the cost price of the baseball. Then, divide the markup by the selling price and multiply by 100 to find the equivalent markup percent.

Step-by-step explanation:

To find the equivalent markup percent on the selling price, we need to first calculate the cost price of the baseball.

Let's assume the cost price of the baseball is x dollars.

According to the question, the selling price of the baseball is $25.00, which is a 30.5% markup on the cost price.

So, we can write the equation:

Selling Price = Cost Price + Markup

25 = x + 0.305x

25 = 1.305x

x = 25/1.305

x ≈ 19.14

Now, we can find the markup percent on the selling price by dividing the markup by the selling price and multiplying by 100.

Markup Percent = (Markup/Selling Price) * 100

Markup = Selling Price - Cost Price = 25 - 19.14 = 5.86

Markup Percent = (5.86/25) * 100 ≈ 23.44%