   Chapter 8.II, Problem 3RE ### 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 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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