Question

The key club is selling nachos at the football game to raise money for the club's activities. The club received good prices for the ingredients from the local stores, so each serving of nachos cost them only $0.60. The members place to sell each serving for $1.75. What percent markup is this price?

Answer 1

The markup percent of nachos is 191.67%

Solution:

Given that,

The club received good prices for the ingredients from the local stores, so each serving of nachos cost them only $0.60.

The members place to sell each serving for $1.75.  

We have to find what percent markup is this price?

Now we now that, markup % $\times$ cost price = profit

Profit is given as follows:

Profit = selling price – cost price

Now we get, markup % $\times$ cost price = selling price – cost price

$\begin{array}{l}{\rightarrow \text { Markup percent } \times 0.6=1.75-0.6} \\\\ {\rightarrow \text { Markup percent } \times 0.6=1.15} \\\\ {\rightarrow \text { Markup percent }=\frac{1.15}{0.6}=1.9167} \\\\ {\Rightarrow \text { Markup percent }=\frac{191.67}{100}} \\\\ {\rightarrow \text { Markup percent }=191.67 \%}\end{array}$

Hence, the markup percent is 191.67%