Question
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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.

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:
  1. Define the variables:
    • Let be the cost price.
    • The markup based on cost is , so the selling price can be expressed as:
  2. 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:
  3. Simplify the expression:
    • The cancels out:
  4. Calculate the value:
    • Now we will calculate and then multiply by .
Let’s perform the calculation.
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.
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:
  1. Let’s define the cost as and the selling price as . If the markup based on cost is , then we have:
  2. 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.

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