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markup

by grandh01 » Wed Aug 22, 2012 12:43 pm
The markup on a television set is 20
percent of the cost. The markup is what
percent of the selling price?
(markup = selling price - cost)
(A) 8%
(B) 10%
(C) 12% 1/2
(D) 15%
(E) 16% 2/3
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by Jim@StratusPrep » Wed Aug 22, 2012 1:38 pm
.2C = M or C = 5M

M = S - C

M = S - 5M

6M = S

or M = 1/6 S

1/6 = 16.67% or E
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by Ian Stewart » Wed Aug 22, 2012 1:43 pm
This is a pure ratio/percent question, so you can feel free to invent a number for something. Markup here is 1/5 of cost, so if the cost is $5, the markup is then $1, and the selling price is $6. So the answer is 1/6 = 16 2/3 %.
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by coolhabhi » Sun Aug 26, 2012 11:19 pm
Suppose that the cost price of the television is 100$.

Then 20% of it would be 20$. So the Markup is 20$.

Now the selling price is 120$ (Cost price + Markup)

markup is what percent of the selling price? = 20/120 = 1/6.

So Answer = E.
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