Question

A sofa costs $371 and sells for $593.60, which is 160% of the cost. a. Find the rate of markup. b. Find the markup.a. The rate of markup is ___%b. The markup is $___enter your response here. (Type an integer or a decimal.)

Answer 1

• (a)The rate of the markup is 60%.

,

• (b)The markup is $222.60.

Explanation:

• The cost price of the sofa = $371

,

• The selling price of the sofa = $593.60

(a)Given that the selling price is 160% of the cost price:

`160\%-100\%=60\%`

The rate of the markup is 60%.

(b)to find the markup, subtract the cost price from the selling price.

`Markup=593.60-371=\$222.60`

The markup is $222.60.