A dining set costs a company \( \$ 7,300 \) to manufacture. If it sells for \( \$ 9,000 \), what is the percent markup based on cost? Select one: a. \( 15.00 \% \) o b. \( 75.00 \% \) o c. \( 115.00 \% \) o d. \( 23.00 \% \)

To find the percent markup based on cost, we use the formula: \[ \text{Percent Markup} = \left( \frac{\text{Selling Price} - \text{Cost}}{\text{Cost}} \right) \times 100 \] Plugging in the numbers: \[ \text{Percent Markup} = \left( \frac{9000 - 7300}{7300} \right) \times 100 = \left( \frac{1700}{7300} \right) \times 100 \approx 23.29\% \] Thus, the answer closest to this calculation is: **d. \( 23.00 \% \)** --- Did you know that percent markup is a key concept in retail and pricing strategies? Businesses often use it to determine how much to charge over their manufacturing costs to ensure profitability. By understanding how to calculate markup, you can gain insight into pricing strategies and potentially negotiate better deals when buying products! Here's a fun fact: the concept of markup has been around for centuries, dating back to early merchants who needed to price their goods wisely to cover their costs and make a living. Today, it's used in various industries, and mastering this concept can make you a savvy shopper or an astute business owner!