   Chapter 8.I, Problem 20RE ### 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.Broadway Carpets sells designer rugs at retail for $875.88. If a 50 % markup based on cost is added, what is the cost of the designer rugs? To determine To calculate: The cost of the designer rugs when Broadway carpets sells designer rugs for$875.88 and the added percent markup based on cost is 50%.

Explanation

Given Information:

Broadway carpets sells designer rugs for $875.88 and the added percent markup based on cost is 50%. Formula used: The cost is calculated by the formula, C=SP100%+%Mcost Where SP is the selling price, C is the cost and M is the percent markup. Calculation: The selling Price$875.88 and percent markup based on cost is 50%:

Thus,  SP =\$875.88 and %Mcost=50%

The cost is calculated by the formula,

C=

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