Explanation Given Information: The selling price of the bicycle is $ 133.5 and percent markup based on selling price is 60 % . Formula used: The cost is calculated by the formula, C = S P ( 100 % − % M S P ) Where SP is the selling price, C is the cost and M is the percent markup. The amount of markup is calculated by the formula, M = S P − C Where SP is the selling price, C is the cost and M is the markup. Calculation: The percent markup based on selling price is 60 % . Thus, S P = $ 133.5 and % M S P = 60 % The cost is calculated by the formula, C = S P ( 100 % − % M S P ) Substitute S P = $ 133.5 and % M S P = 60 % in the above formula as, C = S P ( 100 % − % M S P ) = 133

Contemporary Mathematics for Business and Consumers

7th Edition

ISBN: 9781285189758

Author: Robert Brechner, George Bergeman

Publisher: Cengage Learning

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Chapter 8.II, Problem 4RE

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To calculate: The amount of Markup and cost when the selling price of the bicycle is $133.5 and percent markup based on selling price is 60%.

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Chapter 8 Solutions

Contemporary Mathematics for Business and 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 cost when the selling price of the bicycle is $ 133.5 and percent markup based on selling price is 60 % .

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To calculate: The amount of Markup and cost when the selling price of the bicycle is $133.5 and percent markup based on selling price is 60%.

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Chapter 8 Solutions