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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

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
4. Dress $75.00 _____ ___ 80%

To determine

To calculate: The amount of markup and selling price of a dress, if its cost is $75 and percent of markup based on cost is 80%.

Explanation

Given Information:

The cost price of a dress is $75 and percent of markup based on cost is 80%.

Formula used:

The markup amount is computed as:

Markup=Percent Markup based on cost×Cost M=%MCost×C

The selling price can be calculated with the formula;

Selling Price=Cost+Markup SP=C+M

Calculation:

The cost price of a dress is $75 and percent of markup based on cost is 80%.

So,  C=$75 and %MCost=80%

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