SOLUTION: A bottle of perfume sells for $84.97 and costs the merchant $25. What is the markup rate?

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Question 38375: A bottle of perfume sells for $84.97 and costs the merchant $25. What is the markup rate?
Answer by fractalier(2101) About Me  (Show Source):
You can put this solution on YOUR website!
Selling price = cost + markup
But markup = markup rate * cost, thus
Selling price = cost + (markup rate * cost)
Now plug in
84.97 = 25 + 25r
59.97 = 25r
r = 59.97 / 25 or almost 2.4, which is 240%