Final answer:
To find the markup, you need to first find the selling price of the item. Since the item is sold for $155.99 and has a 36% markup on the selling price, you can calculate the markup by subtracting the cost price from the selling price.
Step-by-step explanation:
To find the markup, we need to first find the selling price of the item. Since the item is sold for $155.99 and has a 36% markup on the selling price, the selling price can be calculated as follows:
Selling price = Cost price + Markup
Let's assume the cost price is x. Therefore, the selling price will be:
Selling price = x + 36% of x
From the given information, we know that the selling price is $155.99. So, we can write the equation as:
155.99 = x + 0.36x
To solve this equation, combine like terms:
155.99 = 1.36x
Divide both sides of the equation by 1.36:
x = 155.99 / 1.36
Using a calculator, we can find x to be approximately $114.70.
Now, we can find the markup by subtracting the cost price from the selling price:
Markup = Selling price - Cost price
Markup = $155.99 - $114.70
By calculating this, we find that the markup is approximately $41.29.