I'm sorry no one answered this sooner, but I hope I'm not too late. Anyways, here is how I determined it:
So the wholesale price is basically the price for buying a certain subject in bulk, usually something you plan to re-sell. We already know the wholesale price is $59.99.
Now, Mr. Matthews buys the glove for $65.99, which is the retail price, or the price that stores usually put on their items. Retail prices are often higher than their wholesale counterparts to earn profit.
So, with that being cleared out, let's start solving. First, subtract 59.99 from 65.99 to get the markup in USD:
65.99 - 59.99 = 6
So, now that we know what the markup is in USD ($6), divide that by the original wholesale amount, or 59.99.
6 / 59.99 = 0.100016...
Move the decimal point 2 places to the right and round the nearest tenths place to get:
10
So the percent of the markup should be 10%. I hope this helped you! :)
