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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

Solve the following word problems. Round dollars to the nearest cent and percents to the nearest tenth of a percent.

a. What is the cost of a desk lamp at Urban Accents if the selling price is $49.95 and the markup is 70% based on the cost?

b. What is the amount of the markup?

(a)

To determine

To calculate: The cost of a desk lamp if the selling price is $49.95 and the markup amount is 70% based on the cost.

Explanation

Given Information:

The selling price of the desk lamp is $49.95 and its percent markup based on cost is 70%.

Formula used:

The cost can be calculated using the following equation:

Cost=Selling Price100%+Percent markup on cost or C=SP100%+%Mcost

Calculation:

Consider the provided data,

The selling price of the desk lamp is $49.95 and its percent markup based on cost is 70%.

So, SP =$49.95 and %Mcost=70%

The cost can be calculated using the following equation:

C=SP100%+%Mcost

Substitute SP =$49

(b)

To determine

To calculate: The amount of Markup if the selling price of the desk lamp is $49.95 and the cost is $29.3 as computed in part (a).

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