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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 buyer for The Shoe Outlet. You are looking for a line of men’s shoes to retail for $79.95. If your objective is a 55 % markup based on selling price, what is the most that you can pay for the shoes to still get the desired markup?

To determine

To calculate: The Cost, for given, Selling Price is $79.95 and the percent Markup based on Selling Price is 55%.

Explanation

Given Information:

The Selling Price is $79.95 and the percent Markup based on Selling Price is 55%.

Formula used:

The Cost can be calculated using the following equation:

Cost=SP(100%%MarkupSP) or C=SP(100%%MSP)

Calculation:

Consider the provided data, Selling Price is $79.95 and percent Markup based on Selling Prices is 55%:

Assume, SP =$79

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