   Chapter 8.I, Problem 3RE ### 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

# 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 3. Automobile ____ $5,400.00$12,344.80 ____

To determine

To calculate: The cost and percent markup of an automobile, if the selling price is $12,344.80 and the amount of markup is$5,400.

Explanation

Given Information:

The selling price of an automobile is $12,344.80 and the amount of markup is$5,400.

Formula used:

The cost can be calculated with the formula;

Cost=Selling PriceMarkup  C=SPM

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 selling price of an automobile is $12,344.80 and the amount of markup is$5,400.

So, SP =$12,344.80 and M=$5,400.

The cost of an automobile is given as:

C=SPM

Substitute for SP =$12,344.80 and M=$5,400 in C=SPM:

C=SPM =12,344

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