Respuesta :
Answer:
The percent markup is: 9.0%
SOLUTION
Problem Statement
The question tells us a boat dealer bought a sailboat for $13,400 and sold it for $14600. We are asked to find the percent markup on the boat.
Method
In order to solve this question, we need to understand the meaning of percentage markup.
Definition:
A percentage markup is a profit from selling a good or service, which is a percentage of the cost.
Thus, the selling price of a sailboat is equal to the cost price of the sailboat plus a percentage of the cost price (i.e. markup)
[tex]\begin{gathered} \text{If selling price = SP and cost price = CP} \\ \text{Thus, we have:} \\ SP=CP+CP\times X \\ \text{where,} \\ X=\text{markup} \end{gathered}[/tex]Implementation
Thus, we can find the markup using the formula given above.
[tex]\begin{gathered} SP=14600 \\ CP=13400 \\ \text{Applying the formula:} \\ 14600=13400+13400\times X \\ \text{subtract 13400 from both sides} \\ 14600-13400=13400-13400+13400X \\ 1200=13400X \\ \text{Divide both sides by 13400} \\ \\ \frac{1200}{13400}=\frac{13400X}{13400} \\ \\ \therefore X=0.0895 \end{gathered}[/tex]Thus, the markup percentage is gotten by just multiplying the value of X by 100 %
Percent Markup is:
[tex]\begin{gathered} X\text{ \%= }0.0895\times100 \\ X\text{ \% =8.9552 \%} \\ \\ \therefore\text{Percent Markup }\approx9.0\text{ \%} \end{gathered}[/tex]Final Answer
The percent markup is: 9.0%
