Markups and markdowns

[grandmawanda13]

40 chicken dinners were prepared at a cost of $3.20 each. A 20% spoilage rate is anticipated. The dinners were sold at an 80% markup based on cost. A $1.00 off coupon was offered. What markdown percentage does this coupon represent? Round to nearest cent

 

[HallsofIvy]

Do you know what any of the words you use here, "spoilage rate", "markup", and "markdown" mean? Their definitions should tell you what you need to do to find them.