Chapter 8.I, Problem 4RE

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 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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