   Chapter 8.II, Problem 7TIE ### 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

# 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 determine

To calculate: The amount of markup and percent markup based on selling price of wheels if cost is $94.50 and the selling price is$157.50.

Explanation

Given Information:

The cost of the wheel is $94.50 and the selling price is$157.50.

Formula used:

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

Markup=Selling PriceCost or M=SPC

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 wheel is $94.50 and the selling price is$157.50.

So, SP =$157.50 and C=$94.50.

The amount of markup is:

M=SPC

Substitute SP =$157.50 and C=$94.50 in M=SPC.

M=SPC=157

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