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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

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
3. Telephone $75.00 ______ _______ 45%

To determine

To calculate: The selling price and the amount of markup if the cost of the telephone is $75 and percent markup based on selling price is 45%.

Explanation

Given Information:

The cost of the telephone is $75 and percent markup based on selling price is 45%.

Formula used:

The Selling Price can be calculated using the following equation:

Selling Price=Cost100%%MSP or SP=C100%%MSP

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 the telephone is $75 and percent markup based on selling price is 45%.

So, C=$75 and %MSP=45%.

The Selling Price can be calculated as,

SP=C100%%MSP

Substitute C=$75 and %MSP=45% in SP=C100%%MSP

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