   Chapter 8.II, Problem 8RE ### 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 8. Bar of soap $1.18$.79

To determine

To calculate: The Selling Price and percent Markup based on selling price and cost, for given,  Cost =$1.18 and the amount of Markup=$0.79.

Explanation

Given Information:

The Cost is $1.18 and the amount of Markup is$0.79.

Formula used:

The markup can be calculated using the following equation,

Markup=Selling PriceCost

The percent markup based on selling price is computed as,

%MSP=MSP

The percent markup based on cost is computed as,

%MCost=MC

Calculation:

Consider, Cost $1.18, and Markup is$0.79, the Selling Price is,

SP=C+M

Substitute  M=$0.79 and C =$1.18 in the above equation,

SP=1.18+0.79 =1.97

Therefore, the Selling Price of bar of soap, is $1.9. The formula of percent markup based on selling price is, %MSP=MSP Substitute the values of SP =$1

### Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

#### The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

#### Differentiate. f(t) = tet cot t

Single Variable Calculus: Early Transcendentals

#### sinx=ex+ex2

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th

#### Explain the distinction between a hypothesis and a prediction.

Research Methods for the Behavioral Sciences (MindTap Course List) 