Selling price $44 represent a 120% markup
Solution:
Cost price of the sweater = $20
Mark up percentage = 120%
To find the selling price when markup is 120%
Selling price formula:
[tex]$\text { Selling price }=({100 \%+\text {Mark } u p \%})\times \text { Product cost }[/tex]
Substitute the given values in the formula.
[tex]=({100 \%+120 \%})\times20[/tex]
[tex]=220 \%\times 20[/tex]
To convert percentage into number divide by 100.
[tex]$=\frac{220 }{100}\times20[/tex]
[tex]=44[/tex]
Selling price = $44
Hence selling price $44 represent a 120% markup.
