Question

Find the missing quantity with the information given. Round rates to the nearest whole percent and dollar amounts to the nearest cent% markdown = 40Reduced price = $144$ markdown = ?

Answer 1

The given information:

% mark up = 40

Reduced = $144

Markdown = ?

The formula for percentage markup is given as

`\text{ \%markup }=\frac{markup}{actual\text{ price}}*100`

Let the actual price be x

Hence,

Reduced price = 60% of actual price

`60\text{\% of x = 144}`

Solving for x

`\begin{gathered} (60x)/(100)=144 \\ x=(144*100)/(60) \\ x=240 \end{gathered}`

Therefore, actual price = $240

Inserting these values into the %markup formula gives

`40=\frac{\text{markup}}{240}*100`

Solve for markup

`\begin{gathered} 40=\frac{100*\text{markup}}{240} \\ 40*240=100*\text{markup} \\ \text{markup}=(40*240)/(100) \\ \text{markup}=96 \end{gathered}`

Threefore, markup = $96