   Chapter 8, Problem 15AT ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Solve the following word problems. Round dollars to the nearest cent and percents to the nearest tenth of a percent.a. What is the original selling price of the guitar on sale at Music Mania if the $1,999.99 sale price represents 20% off?b. How much did the store pay for the guitar if the initial markup was 150 % based on cost?c. What is the percent markup based on selling price?d. If next month the guitar is scheduled to be on sale for$1,599.99, what is the markdown percent from the original price?

(a)

To determine

To calculate: The original selling price, if markdown percent is 20% and sale price is $1999.99. Explanation Given Information: The markdown percent is 20% and sale price is$1999.99.

Formula used:

The original selling price can be calculated using the following equation:

Original Price=Sale Price100%Markdown%Original Price=Sale 100%MD%

Calculation:

Consider the provided data that the markdown percent 20% and sale price $1999.99: MD%=20% and Sale=$1999

(b)

To determine

To calculate: The cost of the guitar, if the initial markup was 150% based on the cost.

(c)

To determine

To calculate: The percent markup based on selling price, if cost of guitar is $1000 and the selling price is$2499.99.

(d)

To determine

To calculate: The amount of markdown and markdown percent, if the guitar is schedule on sale for \$1599.99.

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