   Chapter 8.I, Problem 12RE ### 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.LooLoo Clothing Emporium sells scarves for $19.95. If the cost per scarf is$12.50, what is the amount of the markup?

To determine

To calculate: The amount of markup if the selling price of scarves is $19.95 and the cost is$12.50.

Explanation

Given Information:

The selling price of scarves is $19.95 and the cost price is$12.50.

Formula used:

The markup amount can be calculated using the following equation:

Markup=Selling PriceCost or M=SPC

Calculation:

Consider the provided data,

The selling price of scarves is $19.95 and the cost price is$12.50.

So, SP=$19.95 and C =$12.50

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