Cost = $15
Selling Price = $24
The markup is the increased price expressed as a percentage of the cost.
The formula is:
[tex]MU=\frac{SP-C}{C}\times100[/tex]Where
MU is the Markup
SP is the Selling Price
C is the Cost
Given,
SP = 24
C = 15, Let's figure out the Markup. Shown below:
[tex]\begin{gathered} MU=\frac{SP-C}{C}\times100 \\ MU=\frac{24-15}{15}\times100 \\ MU=\frac{9}{15}\times100 \\ MU=\frac{3}{5}\times100 \\ MU=\frac{300}{5} \\ MU=60\% \end{gathered}[/tex]Thus, the markup rate is
60%