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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

Solve the following word problems. Round dollars to the nearest cent and percents to the nearest tenth of a percent.

You are the manager of Midtown Hardware. If the EnergyMax batteries in your advertisement have a cost of $3.25,

a. What is the amount of the markup on these batteries?

b. What is your percent markup based on selling price?

c. If the vendor reduces the cost to $2.90 as a promotional trade discount this week, what is your new amount of markup and what is the percent markup based on selling price?

(a)

To determine

To calculate: The amount of markup on Energy Max batteries if the cost of batteries is $3.25 and the selling price is $4.99.

Explanation

Given Information:

The cost of Energy Max batteries is $3.25 and the selling price is $4.99.

Formula used:

The amount of markup can be calculated using the following equation:

Markup=Selling PriceCost or M=SPC

Calculation:

Consider the provided data,

The cost of Energy Max batteries is $3.25 and the selling price is $4.99.

So, SP =$4.99 and C=$3.25

(b)

To determine

To calculate: The percent markup based on selling price if the selling price is $4.99 and the amount of markup is $1.74 as computed in part (a).

(c)

To determine

To calculate: The new amount of markup and percent markup based on selling price if the selling price is $4.99 and the new cost is $2.90.

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