Explanation Given Information: The selling price is $ 249.95 and percent markup based on the cost is 60 % . Formula used: The markup amount is computed as: Markup = Percent Markup based on cost × Cost M = % M C o s t × C The Cost can be calculated with the formula; Cost = Selling Price − Markup C = S P − M Calculation: The selling price is $ 249.95 and percent markup based on the cost is 60 % . So, S P = $ 249.95 and % M C o s t = 60 % . Use the below formula, to compute the cost of a vacuum cleaner; C = S P − M But Markup is unknown, substitute the S P = $ 249.95 , so the cost can be represented as: C = 249.95 − M Use C = 249

Contemporary Mathematics for Business & Consumers - With LMS CengageNOW

8th Edition

ISBN: 9781337125468

Author: Brechner

Publisher: Cengage

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Chapter 8.I, Problem 5RE

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To calculate: The markup and cost price of a vacuum cleaner, if the selling price is $249.95 and percent markup based on the cost is 60%.

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Chapter 8.I, Problem 4RE

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Chapter 8 Solutions

Contemporary Mathematics for Business & Consumers - With LMS CengageNOW

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 markup and cost price of a vacuum cleaner, if the selling price is $ 249.95 and percent markup based on the cost is 60 % .

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To calculate: The markup and cost price of a vacuum cleaner, if the selling price is $249.95 and percent markup based on the cost is 60%.

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Chapter 8 Solutions