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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

Item Cost Amount of Markup Selling Price Percent Markup Based on Cost
6. Hat $46.25 $50.00 $96.25 108 .1%

To determine

To calculate: The selling price and percent markup based on cost, if the cost of a hat is $46.25 and the amount of markup is $50.

Explanation

Given Information:

The cost of a hat is $46.25 and the amount of markup is $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 hat is $46.25 and the amount of markup is $50.

So,  C =$46.25 and  M=$50.

The selling price is given as:

SP=C+M

Substitute for  M=$50 and  C=$46

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