Answer:
The markup rate is 51% on the cost
Step-by-step explanation:
Price of book = 7.99
Cost to the store = 5.29
The markup rate is a term used to figure what percentage is added on to the cost of the item to find its selling price.
If we subtract cost from the price we will know how much is added to actual cost: 7.99 - 5.29 = 2.7
[tex]Markup rate = \frac{added value}{cost}[/tex]
[tex]Markup rate = \frac{2.7}{5.29} = 0.51[/tex]
Markup rate is 0.51*100 = 51%
