Chapter 8.I, Problem 2RE

### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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 2. Bookcase $32.40$21.50 ______ ___

To determine

To calculate: The selling price and percent markup based on cost, if the cost of a bookcase is $32.40 and amount of markup is$21.50.

Explanation

Given Information:

The cost of a bookcase is $32.40 and amount of markup is$21.50.

Formula used:

The selling price can be calculated with the formula;

Selling Price = Cost + Markup SP=C+M

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 bookcase is $32.40 and amount of markup is$21.50.

So,  C =$32.40 and M=$21.50.

The selling price is given as:

SP=C+M

Substitute for  C =\$32

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