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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

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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