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Chapter 2: Q. 2.48 (page 125)

Find 鈸� the amount of mark-up and 鈸� the list price: The Auto Resale Store bought Pablo鈥檚 Toyota for $8500. They marked the price up 35%.

Short Answer

Expert verified

Amount of mark-up =$2975

List price =$11475

Step by step solution

01

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

Formula used for the mark-up amount,

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

From the question,

Mark-up rate = 35%

Original amount = $8500

Substitute these values in the formula,

Mark-up amount = 35%脳$8500

= 35100脳8500

=$2975

02

Part (b). Step (1). Use the formula for the list amount.

Formula to be used to find the list amount,

List amount = Mark-up amount + Original price

Original price = $8500

Mark-up amount = $2975$2975

Substitute the values in the formula,

List price = $8500+$2975

=$11475

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