SOLUTION: A pickup truck costs a company $16,300 to manufacture. If it sells for $17,278, what is the percent markup based on cost?

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Question 649380: A pickup truck costs a company $16,300 to manufacture. If it sells for $17,278, what is the percent markup based on cost?
Answer by Edwin McCravy(20064) About Me  (Show Source):
You can put this solution on YOUR website!
A pickup truck costs a company $16,300 to manufacture. If it sells for $17,278, what is the percent markup based on cost? 
Rule:

Divide new price by old price.  Multiply by 100% 
a. If this is less than 100%, subtract from 100% and this is the percent
markdown.
b. If this is greater than 100%, subtract 100% from it and this is the percent markup.  

New price ÷ old price = 17278÷16300 = 1.06 change to 106%
This is greater than 100%, so subtract 100% from it and this is the percent
markup.

Edwin