calculate the missing information. round dollars to the nearest cent and percents to the nearest tenth of a…

calculate the missing information. round dollars to the nearest cent and percents to the nearest tenth of a percent.\nitem\ncost: $31.11\namount of markup (in $): \nselling price: $52.50\npercent markup based on selling price: %

calculate the missing information. round dollars to the nearest cent and percents to the nearest tenth of a percent.\nitem\ncost: $31.11\namount of markup (in $): \nselling price: $52.50\npercent markup based on selling price: %

Answer

Explanation:

Step1: Calculate the amount of markup

The formula for the selling - price is $Selling\ Price=Cost + Markup$. So, $Markup = Selling\ Price - Cost$. Given $Cost = 31.11$ and $Selling\ Price=52.50$. Then $Markup=52.50 - 31.11=21.39$.

Step2: Calculate the percent markup based on selling price

The formula for the percent markup based on selling price is $\text{Percent Markup}=\frac{Markup}{Selling\ Price}\times100%$. Substitute $Markup = 21.39$ and $Selling\ Price = 52.50$ into the formula. $\text{Percent Markup}=\frac{21.39}{52.50}\times 100%$. $\frac{21.39}{52.50}=0.40743$. Then $0.40743\times100% = 40.743%\approx40.7%$.

Answer:

Amount of Markup (in $): $21.39 Percent Markup Based on Selling Price: $40.7%$