an office supply store adds a $2.50 markup to calculators and sells them for $6.95. (a) what is the cost (in…

an office supply store adds a $2.50 markup to calculators and sells them for $6.95. (a) what is the cost (in $) of the calculators? (b) what is the percent markup based on cost? (round your answer to the nearest tenth of a percent.)

an office supply store adds a $2.50 markup to calculators and sells them for $6.95. (a) what is the cost (in $) of the calculators? (b) what is the percent markup based on cost? (round your answer to the nearest tenth of a percent.)

Answer

Explanation:

Step1: Find the cost of the calculators

The selling - price is $6.95$ and the markup is $2.50$. The cost $C$ can be found using the formula $Selling\ price=Cost + Markup$. So, $C = Selling\ price - Markup$. $C=6.95 - 2.50=4.45$

Step2: Calculate the percent markup based on cost

The formula for percent markup based on cost is $\text{Percent Markup}=\frac{\text{Markup}}{\text{Cost}}\times100%$. Substitute Markup = $2.50$ and Cost = $4.45$ into the formula: $\text{Percent Markup}=\frac{2.50}{4.45}\times100%$. $\frac{2.50}{4.45}\times100%\approx56.2%$

Answer:

(a) $4.45$ (b) $56.2%$