To Calculate the Percent Markup Based on the Selling Price $$\frac { \text { Selling Price (base) } } { \text { Markup (portion) } }$$

True/False

To calculate the percent markup based on the selling price (also known as the rate), you would use the following formula:
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​ $$\frac { \text { Selling Price (base) } } { \text { Markup (portion) } }$$