Question

A department store buys 200 shirts at a cost of $3,600 and sells them at a selling price of $20 each. Find the percent markup. The percent markup is %. (Round to the nearest whole number as needed.)

Answer 1

First, find the cost of the shirts by dividing the total cost by the total amount of shirts:

$\frac{3600}{200}=18$

Since each shirt costs $18 and the selling price is $20, divide 20 by 18 and multiply by 100 to find the percent markup:

$\frac{20}{18}\cdot100=111.11$

Since the store sells the shirts with an increase of 11.11%, then the percent markup is 11.11%.