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Jessica's Furniture Store buys a couch at a wholesale price of $500\$500. If the markup rate at Jessica's Furniture Store is 2020 %\%, what is the markup for the couch?

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Full solution

Q. Jessica's Furniture Store buys a couch at a wholesale price of $500\$500. If the markup rate at Jessica's Furniture Store is 2020 %\%, what is the markup for the couch?
  1. Convert to decimal: Convert the markup rate to a decimal.\newlineMarkup rate as a decimal = Markup rate÷100\text{Markup rate} \div 100\newlineCalculation: 20÷100=0.220 \div 100 = 0.2
  2. Calculate markup amount: Calculate the markup amount.\newlineMarkup = Wholesale price ×\times Markup rate in decimal\newlineCalculation: 500×0.2=100500 \times 0.2 = 100

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