Question 8 Solve the problem Round amounts to the nearest ce

Question 8

Solve the problem. Round amounts to the nearest cent and percents to the nearest tenth of a percent.

Markup = $16.15; Selling price = $95.00. Find the cost.

Cost: $16.15

Cost: $95.00

Cost: $78.85

Cost: $111.15

Solution

Selling price = Cost + markup
This implies that, Cost = selling price - markup
   = $ 95.00 - $ 16.15
   = $ 78.85