   Chapter 8.II, Problem 1RE ### 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

# 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 Sink $65.00$50.00 $115,00 45% To determine To calculate: The selling price and percent markup based on selling price if the cost of the sink is$65 and the amount of markup is $50. Explanation Given Information: The cost of the sink is$65 and the amount of markup is $50. Formula used: The selling price can be calculated using the following equation: Selling Price=Cost+Markup or SP=C+M The percent markup based on selling price is computed as: Percent markup based on Selling Price=MarkupSellingPrice or %MSP=MSP Calculation: Consider the provided data, The cost of the sink is$65 and the amount of markup is $50. So, C=$65 and M=$50. The Selling Price is: SP=C+M Substitute C=$65 and M=$50 in SP=C+M, SP=C+M=50+65=115 Therefore, the selling price is$115 if the cost of the sink is $65 and the amount of markup is$50

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