Joe Fisherman wants to know his percent markup on retail of a pair of shoes for which he paid $1,000. He knows the amount of markup was $600. Which of the following would answer his question?
A. 40%
B. 150%
C. 50%
D. 60%
E. 100%
Answer: (D) In order to calculate percent of markup to selling price one would use the formula amount of markup/selling price = percent of markup to selling price. Since this comes out to 60%, (D) is correct. (A) is incorrect because $600/1,000 = 60%. (B), (C), and (E) are also incorrect for the same reason.