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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

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.

The Carpet Gallery is looking for a new line of nylon carpeting to retail at $39.88 per square yard. If management wants a 60 % markup based on selling price, what is the most that can be paid for the carpeting to still get the desired markup?

To determine

To calculate: The Cost, for given, Selling Price is $39.88 and the percent Markup based on Selling Price is 60%.

Explanation

Given Information:

The Selling Price is $39.88 and the percent Markup based on Selling Price is 60%.

Formula used:

The Cost can be calculated using the following equation:

Cost=SP(100%%MarkupSP) or C=SP(100%%MSP)

Calculation:

Consider the provided data, Selling Price is $79.95 and percent Markup based on Selling Prices is 60%:

Assume, SP =$39

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