Explanation Given Information: The cost of the textbook is $ 34.44 and the selling price is $ 51.50 . Formula used: The amount of markup can be calculated using the following equation: Markup = Selling Price − Cost or M = S P − C The percent markup based on selling price is computed as: Percent markup based on Selling Price = Markup SellingPrice or % M S P = M S P Calculation: Consider the provided data, The cost of the textbook is $ 34.44 and the selling price is $ 51.50 . So, S P = $ 51.50 and C = $ 34.44 . The amount of markup is: M = S P − C Substitute S P = $ 51.5 and C = $ 34.44 in M = S P − C . M = S P − C = 51

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305585447

Author: Robert Brechner, Geroge Bergeman

Publisher: Cengage Learning

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Chapter 8.II, Problem 2RE

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To calculate: The amount of markup and percent markup based on selling price if the cost of the textbook is $34.44 and selling price is $51.50.

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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 markup and percent markup based on selling price if the cost of the textbook is $ 34.44 and selling price is $ 51.50 .

Solution Summary: The author calculates the amount of markup based on selling price if the cost of the book is 34.44.

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To calculate: The amount of markup and percent markup based on selling price if the cost of the textbook is $34.44 and selling price is $51.50.

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Chapter 8 Solutions