A wholesaler sells a organ for \( \$ 1,730 \). What is the percent markup based on selling price, if the wholesaler paid \( \$ 800 \) for the piano? (Round to the nearest whole percent) Select one: a. \( 54 \% \) b. \( 39 \% \) o c. \( 46 \% \) d. \( 217 \% \)

To calculate the percent markup based on the selling price, you can use the formula: \[ \text{Percent Markup} = \left( \frac{\text{Selling Price} - \text{Cost Price}}{\text{Selling Price}} \right) \times 100 \] Substituting the values: \[ \text{Percent Markup} = \left( \frac{1730 - 800}{1730} \right) \times 100 = \left( \frac{930}{1730} \right) \times 100 \approx 53.74\% \] Rounding to the nearest whole percent, the answer is \( 54\% \). So, the correct option is a. \( 54 \% \). Wholesalers have been around for centuries, acting as vital links between manufacturers and retailers. Historically, they played a significant role in product distribution, ensuring that goods reached far-off markets. This model allowed local economies to thrive and contributed to the development of trade routes, making certain products available even in remote areas. In real-world applications, understanding markup is crucial for businesses to establish competitive pricing. Retailers often analyze competitor pricing and market demand to determine their markup percentages. Businesses that successfully balance cost, selling price, and profitability can maximize revenue while maintaining customer loyalty.