Question

11. At Home Depot, a light fixture is sold at a price of $280.20, including a markup of 40% of cost.

a. What is the cost of the item?
b. What is the rate of markup based on the selling price?

Answer 1

a: $392.28

b: $112.08

Explanation:

The decimal form of 40% is 0.4. Multiply 0.4 by 280.20, and you get 112.08

Because it is a markup, you add this 112.08 to your original price, 280.20

280.20+112.08=392.28

Your answer to letter a is $392.28

The rate of the markup is how much was added, so 112.08