33. A book sold for $145 dollars last year. Now the book sells for $160. What is the percent markup from last year to the nearest tenth of a percent?

10.3 %

Skills needed: Markup

Step-by-step explanation:

1) There is a formula for mark-up that allows one to directly solve for the percentage, and it will be broken down below.

---> Markup is the percent increase for a product or service.

---> It finds out how much percent a product has increased in price from the original price.

---> There are certain markup percentages used by stores to determine the price of a new product or a product very high in demand.

2) The formula mark-up, which is the percent raise in the product price is as shown below:

is the new (usually increased) cost

is the original cost

is markup (as a %)

(The 100 is there to convert the decimal answer into a percent).

3) We can use this for this problem, as the original price (Which is last year's price) is 145, and the new price is 160:

(Note: I rounded 15 divided by 145 to the nearest ten-thousandths place as that is the amount of decimal places needed).

10.34% rounds to 10.3% when rounded to the nearest tenth (as stated).