E connect Nicole Brown QMB 1001: Business Mathematics: Fall 2018 11355 Chapter 8

Question

E connect Nicole Brown QMB 1001: Business Mathematics: Fall 2018 11355 Chapter 8 Homework instructions I help Question 3 (of 20 Save & xitSubmit 3 100 peints value What is the selling price of a dining room set at Macy's? Assume actual cost is $800 and 55% markup on selling price. (Round your answer to the nearest cent.) Selling price References eBook & Resources Worksheet Difficulty: 1 Easy Learning Objective: 08-02 (3) Calculate cost when selling price and percent markup on selling price are known. ck m

Explanation / Answer

Answer: - Given data

Actual cost = $800

Markup on selling price = 55%

Let us assume selling price be 100, in that markup is 55% so cost price percent = 100 - 55 = 45% is the cost price

Actual cost = $800 that is equal to 45%, so selling price = (100/45)*$800

= $1778 ( Rounded to nearest cent)

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.