Lilly buys tea from England for $4 a box and sells it in “The Tea Party” for $12 a box. Find the percent of markup based on cost.

1 answer
Question:

Lilly buys tea from England for $4 a box and sells it in “The Tea Party” for $12 a box. Find the percent of markup based on cost.

Answers

Given:Cost price (C.P.) = $4 per boxSelling price (S.P.) = $12 per boxTo find:The percent of markup based on cost.Solution:We know that,[tex]Markup\%=\dfrac{S.P.-C.P.}{C.P.}\times 100[/tex]On substituting the given values, we get[tex]Markup\%=\dfrac{12-4}{4}\times 100[/tex][tex]Markup\%=\dfrac{8}{4}\times 100[/tex][tex]Markup\%=2\times 100[/tex][tex]Markup\%=200\%[/tex]Therefore, the percent of markup based on cost is 200%.

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