   Chapter 8.I, Problem 24RE ### 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. 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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