IF I PURCHASE AN ITEM FOR $2.00 AND I WANT TO RESELL IT WITH A MARGIN OF GROSS PROFIT OF 64.5% WHAT FORMULA DO I USE TO ARRIVE AT THAT RESELL FIGURE?Hi Ethel,
Percent means "per one-hundred" so 64.5% is 64.5/100. Thus if you want your gross profit to be 64.5% you need to add 64.5% of $2.00.
64.5% of $2.00 is
Thus your resell amount should be $2.00 + $1.29 = $3.29
To accomplish this in one step you can calculate