   Chapter 8.I, Problem 10RE ### 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

# Amount of Percent Markup Item Cost Markup Selling Price Based on Cost 10. Wallet ___________ ___________ $44.95 75% To determine To calculate: The amount of markup and cost of a wallet if the selling price is$44.95 and percent markup is 75%.

Explanation

Given Information:

The selling price of a wallet is $44.95 and percent markup based on cost is 75%. Formula used: The markup amount can be calculated using the following equation, Markup=Percent Markup based on cost×Cost which is M=%MCost×C The cost can be calculated using the following equation, Cost=Selling PriceMarkup or C=SPM Calculation: Consider the provided data, The selling price of a wallet is$44.95 and percent markup based on cost is 75%.

So, SP=$44.95 and %MCost=75% The cost can be calculated using the following equation, C=SPM But markup amount is unknown, substitute SP=$44.95 in C=SPM, so the cost can be represented as:

C=44.95M

The amount of markup is,

M=%MCost×C

Substitute C=44

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