   Chapter 8, Problem 4AT ### 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.Wyatt’s Western Wear purchases shirts for $47.50 each. A$34.00 markup is added to the shirts.a. What is the selling price?b. What is the percent markup based on cost?c. What is the percent markup based on selling price?

(a)

To determine

To calculate: The selling price of a shirt, if Wyatt’s Wear purchases shirt for $47.50 each and amount of markup is$34.

Explanation

Given Information:

The cost of a shirt is $47.50 and amount of Markup is$34.

Formula used:

The Selling Price can be calculated as;

Selling Price=Markup+Cost SP=M+C

Calculation:

The cost of a shirt is $47.50 and amount of Markup is$34.

So, M=$34 and C =$47

(b)

To determine

To calculate: The percent markup based on cost, if Wyatt’s Wear purchases shirt for $47.50 each and amount of markup is$34.

(c)

To determine

To calculate: The percent markup based on Selling Price, if Wyatt’s Wear purchases shirt for $47.50 each and amount of markup is$34.

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