Answer: The percent of markup on each stereo is 78 %
Step-by-step explanation:
We are given:
Original cost of each stereo = $102.30
Selling price of each stereo = $181.99
Markup amount on each stereo = ($181.99 - $102.30) = $79.69
To calculate the percent of markup, we use the equation:
[tex]\text{Percent of markup}=\frac{\text{Markup amount}}{\text{Original amount}}\times 100[/tex]
Putting values in above equation, we get:
[tex]\text{Percent of markup}=\frac{\$79.69}{\$102.30}\times 100=77.90\% \approx 78\%[/tex]
Hence, the percent of markup on each stereo is 78 %
