   Chapter 8.II, Problem 16RE ### 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

# Solve the following word problems. Round dollars to the nearest cent and percents to the nearest tenth of a percent.Video Depot uses a 40 % markup based on selling price for its video game systems. On games and accessories, they use a 30% markup based on selling price. (See advertisement.)a. What is the cost and the amount of the markup of the video game system?b. What is the cost and the amount of the markup of the Sports Package game?c. As a promotion this month, the manufacturer is offering its dealers a rebate of $5.50 for each additional remote sold. What is the cost and percent markup (rounded to the nearest tenth of a percent) based on selling price? (a) To determine To calculate: The cost and amount of markup of the video game system if the selling price is$199.99 and the percent markup based on selling price is 40%.

Explanation

Given Information:

The selling price is $199.99 and the percent markup based on selling price is 40%. Formula used: The cost is calculated by using the formula, C=SP(100%%MSP) Where SP is the selling price, C is the cost and MSP is the percent markup on selling price. The amount of markup is calculated by using the formula, M=SPC Where SP is the selling price, C is the cost and M is the percent markup. Calculation: The selling price is$199.99 and the percent markup based on selling price is 40%.

So, SP=$199.99 and %MSP=40%. The cost can be calculated using the formula, C=SP(100%%MSP) Substitute SP=$199.99 and %MSP=40% in the above formula,

C=SP(100%%MSP) =199

(b)

To determine

To calculate: The cost and amount of markup for sports package game if the selling price is $49.99 and the percent markup based on selling price is 30%. (c) To determine To calculate: The cost and new percent markup based on selling price for additional remote if the selling price is$39 and the percent markup based on selling price is 30%.

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