A bedroom suite that cost a dealer $1800 less 37.5%, 18% carries a price tag with a regular selling price at amarkup of 120% of cost. For quick sale, the bedroom suite was marked down 40%.(a) What was the sale price?(b) What rate of markup based on cost was realized?(a) The sale price was $(Round to the nearest cent as needed.)(b) The rate of markup based on cost that was realized was(Round to two decimal places as needed.)%.

Mark up - Amount charged over and above of cost price. He buys it for $1800 less…

Answered: A bedroom suite that cost a dealer…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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A bedroom suite that cost a dealer $1800 less 37.5%, 18% carries a price tag with a regular selling price at a markup of 120% of cost. For quick sale, the bedroom suite was marked down 40%. (a) What was the sale price? (b) What rate of markup based on cost was realized?