   Chapter 8.I, Problem 17RE ### 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.a. What is the amount of markup on a skateboard from Flying Wheels Skate Shop if the cost is $58.25 and the selling price is$118.88?b. What is the percent markup based on cost?

(a)

To determine

To calculate: The amount of markup on a skateboard if the cost price is $58.25 and the selling price is$118.88.

Explanation

Given Information:

The cost price of the skateboard is $58.25 and it’s selling price is$118.88.

Formula used:

The markup amount can be calculated using the following equation:

Markup=Selling PriceCost or M=SPC

Calculation:

Consider the provided data,

The cost price of the skateboard is $58.25 and it’s selling price is$118.88.

So, SP =$118.88 and C =$58.25

(b)

To determine

To calculate: The percent markup based on cost if the cost price is $58.25 and the selling price is$118.88.

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