What is the markup rate on cost and the markup rate on selling price?

Cook-n-Serve carries oven mitts that have a selling price of $13.80 a pair. Cook-n-Serve buys the mitts from a wholesaler and receives a 40% trade discount. What is the markup rate on cost and the markup rate on selling price?
67%; 40%
100%; 45%
33%; 60%
167%; 145%
Tutor Answer
