We know that:
The markup is the price added to the cost price of goods...
To find the markup, we must multiply the percent increase by the original price (before markup).
So:
10,000 x 5% (or 0.05) = ?
10,000 (You do not have to follow my way of multiplying, do what is comfortable for u)
x 5 (Ignore the decimals then we move it after we get the answer)
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50,000 move the decimal back 2 places so it is 500
The final answer is:
The markup amount is $500...
