Answer:
$60
Step-by-step explanation:
We can create a proportion to find the markup from original price to the marked up price. A proportion is an equation where two ratios are set equal to each other. We create two fractions using the prices and percents. It is marked up by 20% so we pay 120% of $50.
[tex]\frac{120}{100} =\frac{x}{50}[/tex]
We begin solving by cross multiplying numerator to denominator of each fraction.
[tex]120(50)=100(x)\\6000=100x\\\frac{6000}{100}=\frac{100x}{100} \\60=x[/tex]
