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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.

A purse has a cost of $21.50 and a selling price of $51.99.

a. What is the amount of markup on the purse?

b. What is the percent markup based on cost?

c. What is the corresponding percent markup based on selling price?

(a)

To determine

To calculate: The amount of Markup, for given, Cost is $21.50 and Selling Price is $51.99.

Explanation

Given Information:

The Cost is $21.50 and Selling Price is $51.99.

Formula used:

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

Markup=Selling PriceCost or M=SPC 

Calculation:

Consider the provided data, Cost $21.50, and Selling Price is $34.

Assume, SP=$51.99 and  C =$21

(b)

To determine

To calculate: The percent markup based on cost, for given, Cost is $21.50 and amount of Markup is $30.49 computed in subpart (a).

(c)

To determine

To calculate: The percent markup based on Selling Price, for given, Selling Price is $51.99 and amount of markup computed in subpart (a) is $30.49.

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