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Chapter 3: Q. 154 (page 335)

In the following exercises, find 鈸� the amount of the mark-up and 鈸� the list price.

Michael bought a classic car for $8500. He restored it, then added 150% mark-up before advertising it for sale.

Short Answer

Expert verified

Part a. The amount of the mark-up is $12750.

Part b. The list price is $21250.

Step by step solution

01

Part (a) Step 1. Given Information    

The original cost of a car is $8500 and he marked the price up 150%.

The objective is to find the amount of the mark-up and the list price.

02

Part (a) Step 2. Find the amount of the mark-up 

The mark-up price is 150%of the original price that is $8500.

So the mark-up price is given as

150%of8500=1.5脳8500=12750

Thus the mark-up price is $12750.

03

Part (b) Step 1. Find the list price    

List price is equal to original cost plus the mark-up price.

So when the original cost is $8500and mark-up price is $12750then the list price is

8500+12750=21250

So the list price is $21250.

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