Question

Find the cost and selling price when the markup is $9.85 and the rate of markup based on cost is 34.60% find The cost and selling price round amounts to the nearest cent and percents to the nearest 10th of a percent

Answer 1

The markup of the sale of a product is $9.85.

The markup is based on 34.60% of the cost of the product, thus:

M = 34.60% of C

Where M is the markup and C is the cost.

Expressing the percent as a decimal:

M = 34.60/100 * C

M = 0.346 * C

If we wanted to know the cost of the product, we have to divide by 0.346:

C = $9.85 / 0.346

C = $28.47

The selling price is the cost plus the markup:

S = $28.47 + $9.85

S = $38.32

The cost is $28.47 and the selling price is $38.32