It costs $$ \$ 1,075 $$ to manufacture a table. If the table sells for $$ \$ 1,578.25 $$, what is the percent markup based on selling price? (Round to the nearest whole percent.) Select one: O a. $$ 27 \% $$ O b. $$ 20 \% $$ O c. $$ 18 \% $$ o d. $$ 32 \% $$

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UpStudy AI · Accepted Answer

To find the percent markup based on the selling price, we can use the formula:

$$
\text{Percent Markup} = \left( \frac{\text{Selling Price} - \text{Cost}}{\text{Selling Price}} \right) \times 100
$$

Given:
- Cost to manufacture a table = $1,075
- Selling price of the table = $1,578.25

Substitute the values into the formula:

$$
\text{Percent Markup} = \left( \frac{1578.25 - 1075}{1578.25} \right) \times 100
$$

Now, let's calculate the percent markup.
Calculate the value by following steps:
- step0: Calculate:
  $$\frac{\left(1578.25-1075\right)}{1578.25}\times 100$$
- step1: Remove the parentheses:
  $$\frac{1578.25-1075}{1578.25}\times 100$$
- step2: Subtract the numbers:
  $$\frac{503.25}{1578.25}\times 100$$
- step3: Divide the terms:
  $$\frac{2013}{6313}\times 100$$
- step4: Multiply:
  $$\frac{2013\times 100}{6313}$$
- step5: Multiply:
  $$\frac{201300}{6313}$$
The percent markup based on the selling price is approximately 31.89%.

Therefore, the correct answer is:
O c. 18% is incorrect.
O d. 32% is incorrect.
The correct answer is not among the options provided.
The percent markup based on the selling price is approximately 32%.

It costs \( \$ 1,075 \) to manufacture a table. If the table sells for \( \$ 1,578.25 \), what is the percent markup based on selling price? (Round to the nearest whole percent.) Select one: O a. \( 27 \% \) O b. \( 20 \% \) O c. \( 18 \% \) o d. \( 32 \% \)

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