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ASVAB · General

A store buys an item for $60 and sells it for $75. What is the percent markup?

Correct answer

25%

  1. A 15%
  2. B 25%
  3. C 20%
  4. D 30%

Why this is the answer

PERCENT MARKUP = (increase ÷ original cost) × 100. The increase is $75 − $60 = $15. Markup = (15 ÷ 60) × 100 = 0.25 × 100 = 25%. ASVAB Arithmetic Reasoning tests percent change. Strategy: percent increase/markup is always based on the ORIGINAL (cost) amount, not the new price. Find the difference ($15), divide by the original ($60), and convert to a percent. Note: this differs from percent of profit based on selling price — markup uses cost as the base.
Source: ASVAB Arithmetic Reasoning — Percent Markup

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