Contemporary Mathematics for Busin...
Solutions
Contemporary Mathematics for Busin...
Deals on Wheels buys bicycles from the distributor for $94.50 each. If the bikes sell for $157.50, what is the amount of the markup and what is the percent markup based on selling price?
To calculate: The amount of markup and percent markup based on selling price of wheels if cost is
Given Information:
The cost of the wheel is
Formula used:
The amount of markup can be calculated using the following equation:
The percent markup based on selling price is computed as:
Calculation:
Consider the provided data,
The cost of the wheel is
So,
The amount of markup is:
Substitute
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