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Mark-up Applications in Percent Problems
A mark-up is an increase added to the wholesale (or cost) price of an item to determine its retail selling price, typically expressed as a percent of the wholesale cost. Two key relationships govern mark-up problems:
- Amount of mark-up:
- List (selling) price:
The mark-up rate is a percent that must be converted to decimal form before multiplying. For example, if a store purchases a lamp at a wholesale cost of and applies a mark-up, the mark-up amount is , so the list price is . To solve mark-up word problems, identify the given quantities (wholesale cost, mark-up rate, mark-up amount, or list price), set up the corresponding equation, and solve for the unknown. Like discount calculations, mark-up problems are a direct application of the basic percent equation structure: the mark-up amount "is" a certain percent "of" the wholesale cost.
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