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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

For the following items, calculate the missing information. Round dollars to the nearest cent and percents to the nearest tenth of a percent.

Amount of Percent Markup
Item Cost Markup Selling Price Based on Cost
1. Television set $161.50 $158.45 $299.95 85.7%

To determine

To calculate: The amount of markup and percent markup based on cost, if the cost of a television set is $161.50 and selling price is $299.95.

Explanation

Given Information:

The cost of a television set is $161.50 and selling price is $299.95.

Formula used:

The formula for finding the mark-up cost states that subtract the values of selling price and the cost.

M= SPC

The formula for find the percentage of markup cost is to divide the markup cost of an item by the

Cost is;

%Mcost=MC

Calculation:

The cost of a television set is $161.50 and selling price is $299.95.

So, the value of SP and C is $299.95 and $161.50 respectively.

Now, put the value of SP and C in M=SPC ;

M=SPC =299

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