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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.

Percent Percent
Markup Markup
Amount of Based on Based on
Item Cost Markup Selling Price Cost Selling Price
11. Fan 150% _________

To determine

To calculate: The percent markup based on selling price if percent markup based on cost is 150%.

Explanation

Given Information:

The percent markup based on cost is 150%.

Formula used:

The percent markup based on selling price can be calculated using the following equation:

Percent markup based on Selling Price=Percent markup based on cost100%+Percent markup based on cost or

%MSP=%MCost100%+%MCost

Calculation:

Consider the provided data,

The percent markup based on cost is 150%.

So, %MCost=150%.

The percent markup based on selling price is:

%MSP=%MCost100%+%MCost

Substitute %MCost=150

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