Question

a company sold an outdoor lighting set for $121.82. the markup on the set was $24.32. find (a) the cost, (b) the markup percent on cost, and (c) the selling price as a percent of cost.
(a) the cost price is $\square$ (type an integer or a decimal.)

Explanation:

Step1: Recall the formula for selling price

The selling price ($S$) is equal to the cost price ($C$) plus the markup ($M$), i.e., $S = C + M$. We need to find the cost price, so we can rearrange the formula to $C = S - M$.

Step2: Substitute the given values

We know that $S = 121.82$ and $M = 24.32$. Substituting these values into the formula, we get $C = 121.82 - 24.32$.

Step3: Calculate the cost price

Performing the subtraction: $121.82 - 24.32 = 97.5$.

Answer:

97.5