   Chapter 8.I, Problem 22RE ### 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 real-wood filing cabinet from Office Solutions is marked up by $97.30 to$178.88. a. What is the cost?b. What is the percent markup based on cost?

(a)

To determine

To calculate: The cost of real-wood filing cabinet if the selling price is $178.88 and markup amount is$97.30.

Explanation

Given Information:

The selling price of a real-wood filing cabinet is $178.88 and the amount of markup is$97.30.

Formula used:

The cost can be calculated using the following equation:

Cost=Selling PriceMarkup or C=SPM

Calculation:

Consider the provided data,

The selling price of a real-wood filing cabinet is $178.88 and the amount of markup is$97.30.

So, SP=$178.88 and M=$97.30

(b)

To determine

To calculate: The percent markup based on cost if markup amount is $97.30 and the cost of the real-wood filing cabinet is$81.58 as obtained in part (a).

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