Question

Calculate the missing information. Round dollars to the nearest cent and percents to the nearest tenth of a percent.ItemCostTextbook $31.11Need Help?Amount ofMarkup (in $)$ 21.39Read ItSelling Price$52.50PercentMarkupBased onSelling Price* %

Answer 1

Given: The selling price is $52.50 and the cost price is $31.11.

To find: Percent Markup based on selling price.

Explanation:

The percentage markup based on selling price will be:

`M=(S.P.-C.P.)/(S.P.)*100`

Plug the value S.P.= 52.20 and C.P.=31.11 in the above formula to get:

`\begin{gathered} M=(52.50-31.11)/(52.50)*100 \\ =(21.39)/(52.50)*100 \\ =40.98\% \end{gathered}`

Rounding it to the nearest tenth percent we get 41.0%

Final Answer: The percent markup is 41%.