Explanation Given Information: The selling price and the cost price of lamp is $ 63 and $ 45 respectively. Formula used: The formula for finding the mark-up cost states that subtract the values of selling price and the cost. M = S P – C The formula for find the percentage of markup cost is to divide the markup cost of an item by the Cost is: %M cost = M C Calculation: The selling price and the cost price of lamp is $ 63 and $ 45 respectively. So, the value of SP and C is $ 63 and $ 45 respectively

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305585447

Author: Robert Brechner, Geroge Bergeman

Publisher: Cengage Learning

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Chapter 8.I, Problem 4TIE

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Chapter 8 Solutions

Contemporary Mathematics for Business & Consumers

Ch. 8.I - For the following, use the basic retailing...Ch. 8.I - For the following, use the basic retailing...Ch. 8.I - Prob. 3TIE Ch. 8.I - Prob. 4TIE Ch. 8.I - Prob. 5TIE Ch. 8.I - Prob. 6TIE Ch. 8.I - Prob. 1RE Ch. 8.I - For the following items, calculate the missing...Ch. 8.I - Prob. 3RE Ch. 8.I - For the following items, calculate the missing...

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The amount of the markup and the percentage of markup if the selling price of lamp is $ 63 and the cost price is $ 45 .

Solution Summary: The author explains that the formula for finding the percentage of markup cost is to divide the value of selling price and cost by the cost of lamp.

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To calculate: The amount of the markup and the percentage of markup if the selling price of lamp is $63 and the cost price is $45.

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Chapter 8 Solutions