David Tang operates an automotive wrecking yard and he needs a 4-ton chain hoist to move heavy car and truck parts. Tang can buy a used hoist for $3,840 from a dealer who paid $1,600 for it. Compute the markup percent based on cost
$3,840 - $1,600 = $2,240 dollar markup;
$2,240 รท $1,600 = 1.4 = 140% markup percent based on cost
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