Solve the problem Round amounts to the and percents to the o

Solve the problem Round amounts to the and percents to the of a percent A stone manager paid $113 for an idem and set the selling price at $132.21. What was the based on cost? Solve the problem. Round amounts to the nearest cent and to the nearest tenth of a The Oak House had a markup of $24.87 on an oak table that they sold for $88.09. Find the cost and the percent of

Solution

Markup is defined as the difference between the selling price and the cost price in order to calculate the profit by the merchants

Markup percentage is defined as the markup value/ cost price * 100

7) Cost = $113, Selling Price = $132.21

Markup = Selling Price - Cost Price

=> $132.21 - $113

=> $19.21

Markup Percentage = $19.21/$113 * 100 = 17%

Hence the correct answer is Option C

8) Markup= $24.87, Selling Price = $88.99

Markup = Selling Price - Cost Price

$24.87 = $88.99 - Cost Price

Cost Price = $88.99 - $24.87 = $64.12

Markup Percentage = $24.87/$64.12 * 100 = 38.8%

Hence the correct answer is Option A