To find the percent markup on the product, we use the formula:

$\text{Markup Percentage} = \left( \frac{\text{Selling Price} - \text{Cost Price}}{\text{Cost Price}} \right) \times 100$

In this case:

• Selling Price = $13.99
• Cost Price = $8.19

Now, let's plug these values into the formula:

$\text{Markup Percentage} = \left( \frac{13.99 - 8.19}{8.19} \right) \times 100$

$\text{Markup Percentage} = \left( \frac{5.80}{8.19} \right) \times 100$

$\text{Markup Percentage} \approx 0.7085 \times 100$

$\text{Markup Percentage} \approx 70.85\%$

So, the product was marked up by approximately 70.85%.

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Would you like to go over how markup percentages work in more detail? Or perhaps a similar example?

Here are a few related questions to explore further:

1. How do businesses calculate the final selling price with a target markup percentage?
2. What is the difference between markup and margin in pricing?
3. How would a discount on a product affect its markup percentage?
4. How do you calculate the selling price from a given cost price and markup percentage?
5. How do production costs impact the pricing strategy of a business?

Tip: Understanding the difference between markup (the percentage added to the cost price) and margin (the percentage of the selling price that is profit) is crucial in pricing strategies!