Question

A tractor dealer puts a markup of 22% on cost on a part for which it paid $480.Finda)the selling price as a percent of cost, b) the selling price, c)the mark up

Answer 1

Cost = $480

Markup = 22% or 22/100 = 0.22

Thus,

Markup = 0.22 of 480

or,

0.22 * 480 = 105.6

Markup = $105.60

The Selling Price is cost + markup, thus,

Selling Price = 480 + 105.60 = $585.60

a)

We need to find selling price as a percentage of cost.

For that, we divide selling price by cost and multiply by 100. So,

$\frac{SP}{C}=\frac{585.60}{480}\times100=122\%$

Answer:

122%

b)

The selling price is

$585.60

c)

The markup is

$105.60