   Chapter 8.I, Problem 9RE ### 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

# Amount of Percent Markup Item Cost Markup Selling Price Based on Cost 9. 1 lb potatoes $.58 ___________ __________ 130% To determine To calculate: The amount of markup and selling price of 1 Ib potatoes if the cost is$0.58 and percent markup is 130%.

Explanation

Given Information:

The cost of 1 Ib potatoes is $0.58 and percent markup based on cost is 130%. Formula used: The markup amount can be calculated using the following equation, Markup=Percent Markup based on cost×Cost which is M=%MCost×C The Selling Price can be calculated using the following equation, Selling Price=Cost+Markup which is SP=C+M Calculation: Consider the provided data, The cost of 1 Ib potatoes is$0.58 and percent markup based on cost is 130%.

So, C=$0.58 and %MCost=130% The amount of Markup is, M=%MCost×C Substitute C=$0.58 and %MCost=130% in M=%MCost×C

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