A sales clerk added a markup price of ₱200.00 on a pair of rubber shoes that costs ₱1,600.00. What was the rate of markup applied?
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A sales clerk added a markup price of ₱200.00 on a pair of rubber shoes that costs ₱1,600.00. What was the rate of markup applied?
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RATE OF MARKUP CALCULATION FOR RUBBER SHOES
Answer:
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Step-by-step explanation:
1. Identify the given values:
2. Use the formula for the rate of markup:
[tex] \[ \text{Rate of Markup} = \left( \frac{\text{Markup Price}}{\text{Cost Price}} \right) \times 100\% \] \\ [/tex]
3. Substitute the given values into the formula:
[tex]\[ \text{Rate of Markup} = \left( \frac{₱200.00}{₱1,600.00} \right) \times 100\% \] \\ [/tex]
4. Perform the calculation:
[tex]\[ \text{Rate of Markup} = (0.125) \times 100\% = 12.5\% \] \\ [/tex]
Therefore, the rate of markup applied on the pair of rubber shoes is 12.5%.