the amount of markup was found to be m = $608.40, but we need to find the percent markup, %m cost. the…

the amount of markup was found to be m = $608.40, but we need to find the percent markup, %m cost. the markup amount will be compared to the price the wholesaler paid using the following equation. %m cost = c / m. the wholesaler paid $780 for the guitar, so we have c = $780. substitute the values for m and c into the equation. %m cost = c / m = 780 / 608.40. this is the decimal value for the markup rate so it needs to be multiplied by 100% to find the percent markup. thus, the percent markup is %

the amount of markup was found to be m = $608.40, but we need to find the percent markup, %m cost. the markup amount will be compared to the price the wholesaler paid using the following equation. %m cost = c / m. the wholesaler paid $780 for the guitar, so we have c = $780. substitute the values for m and c into the equation. %m cost = c / m = 780 / 608.40. this is the decimal value for the markup rate so it needs to be multiplied by 100% to find the percent markup. thus, the percent markup is %

Answer

Explanation:

Step1: Recall markup - cost formula

The formula for percent - markup is $%\text{M COST}=\frac{M}{C}\times100%$, where $M$ is the markup amount and $C$ is the cost price. We are given that $M = 608.40$ and $C=780$.

Step2: Substitute values into the formula

Substitute $M = 608.40$ and $C = 780$ into the formula $%\text{M COST}=\frac{608.40}{780}\times100%$. First, calculate $\frac{608.40}{780}=0.78$.

Step3: Convert decimal to percentage

Multiply the decimal value by 100. So, $0.78\times100% = 78%$.

Answer:

$78%$