please help me answer and understand this question

Kitkat100 said:
an item is sold for £240 on which there is a markup of 20% what is the profit?
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How does "markup" relate to "wholesale cost"? Using this relationship, what then was the wholesale cost? Subtracting, what then was the profit?

Please be complete, so we can see where you're getting stuck. Thank you! ;)
 
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