To determine the percentage markup, you can use the following formula:

$\text{Markup Percentage} = \frac{\text{Selling Price} - \text{Cost Price}}{\text{Cost Price}} \times 100$

Given:

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

Now, substitute the values into the formula:

$\text{Markup Percentage} = \frac{13.99 - 8.19}{8.19} \times 100$

First, calculate the difference between the selling price and the cost price:

$13.99 - 8.19 = 5.80$

Then, divide this difference by the cost price:

$\frac{5.80}{8.19} \approx 0.707$

Finally, multiply by 100 to get the percentage:

$0.707 \times 100 = 70.7\%$

So, the product was marked up by approximately 70.7%.

Would you like further details on markup calculations or any other related topics?

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Here are some follow-up questions for you:

1. What would the selling price be if the markup was 50%?
2. How would you calculate the profit margin on this product?
3. How does a business determine the ideal markup percentage for its products?
4. If the cost price increases to $9.50, what would the new markup percentage be?
5. What is the difference between markup and profit margin?

Tip: Markup is based on the cost price, while profit margin is based on the selling price. Keep this in mind when comparing these metrics!