   Chapter 8.I, Problem 1RE ### 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

# 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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