Question
Find the percent markup based on selling price, if the percent markup based on the cost
is
. (Round to the nearest tenth percent)
select one:
a.
ob.
o c.
o d.
is
select one:
a.
ob.
o c.
o d.
Ask by Phillips Graham. in the United States
Jan 24,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
The percent markup based on selling price is approximately
.
Solution
To find the percent markup based on selling price when the percent markup based on cost is
, we can follow these steps:
-
Define the variables:
- Let
be the cost price. - The markup based on cost is
, so the selling price can be expressed as:
- Let
-
Calculate the percent markup based on selling price:
- The markup amount is
. - The percent markup based on selling price is given by the formula:
- Substituting the values we have:
- The markup amount is
-
Simplify the expression:
- The
cancels out:
- The
-
Calculate the value:
- Now we will calculate
and then multiply by .
- Now we will calculate
Let’s perform the calculation.
Calculate the value by following steps:
Calculate the value by following steps:
- step0: Calculate:
- step1: Divide the terms:
- step2: Multiply:
- step3: Multiply:
The calculation gives us:
Rounding this to the nearest tenth percent, we get:
Now, let’s compare this result with the provided options:
a.
b.
c.
d.
b.
c.
d.
The closest option to
is d.
.
Thus, the answer is d.
.
Answered by UpStudy AI and reviewed by a Professional Tutor
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Bonus Knowledge
To calculate the percent markup based on the selling price when the percent markup based on the cost is
, you can follow this formula:
-
Let’s define the cost as
and the selling price as . If the markup based on cost is , then we have: -
To find the percent markup based on selling price, we use the formula:
Substituting the expression for
:
This simplifies to:
When rounded to the nearest tenth percent, the percent markup based on the selling price is approximately
, which is not an exact match for any of the options provided, but is closest to
based on rounding standards.
Thus, the answer is:
d.
d.