Which of the following is the markup rate for a drug that costs $23.88 and retails for $31.88?
14%
16%
18%
25%
18%
Rationale: The markup rate for a drug that costs $23.88 and retails for $31.88 is 18%. This is calculated as follows: Retail price ($31.88) minus Cost ($24.88) = $7.00 . Divide the markup by the cost and multiply by 100: ($7.00 / $24.88) x 100 = 18%.
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Fill in the blank(s) with correct word
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