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Chapter 2: Q. 2.47 (page 125)

Find 鈸� the amount of mark-up and 鈸� the list price: Jim鈥檚 music store bought a guitar at original cost $1200. Jim marked the price up 50%.

Short Answer

Expert verified

Amount of mark-up =$600

List price =$1800

Step by step solution

01

Part (a). Step 1.  Use the formula for the mark-up amount.

Formula used for mark-up amount,

Mark-up amount = Mark-up rate 脳Original amount

From the question,

Mark-up rate = 50%

Original price = $1200

02

Part (a). Step 2. Substitute the values in the formula.

Mark-up amount = 50%脳1200

= 50100脳1200

=$600

03

Part (b). Step 1. Use the formula for mark-up.

List price after mark-up = Original price + Mark up amount

Original price = $1200$1200

Mark-up amount = $600

04

Part (b). Step 2. Substitute the values in the formula.

List price =$1200+$600=$1800

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