Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent.
-The Oak House had a markup of $23.24 on an oak table that they sold for $70.99. Find (a)the cost, (b)the markup on cost, and (c)the selling price as a percent of cost.
A)$70.99, 32.7%, 305.5%
B)$47.75, 48.7%, 148.7%
C)$47.75, 32.7%, 67.3%
D)$94.23, 24.7%, 75.3%

Question

Quizplus · Accepted Answer

(a) Cost = Selling Price - Markup = $70.99 - $23.24 = $47.75. (b) Markup on Cost = ($23.24 / $47.75) * 100 = 48.7%. (c) Selling Price as a Percent of Cost = ($70.99 / $47.75) * 100 = 148.7%.

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