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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
9. Truck $15,449.00 ______ ___ ___ 38 %

To determine

To calculate: The Selling Price, the amount of Markup and percent Markup based on cost, for given,  Cost =$15,449 and %MSP = 38%

Explanation

Given Information:

The Cost is  $15,449 and the percent markup based on selling price is 38%.

Formula used:

The Selling Price can be calculated using the following equation:

Selling Price=Cost100%%MSP

The amount of markup is computed as:

Markup=Selling PriceCost

The percent markup based on cost is computed as,

%MCost=MC

Calculation:

Consider, Cost  $15,449, and percent markup based on selling price is 38%, the Selling Price is:

SP=C100%%MSP

Substitute for %MSP=38% and  C =$15,449 in the above equation,

SP=15,449100%38% =15,4490.62 =24,917

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