Questions: Candace bought a laptop for 475 dollars. She then decided to sell the laptop for 985. What markup rate did Candace use to calculate the sales price of her laptop? Write your answer as a percentage rounded to the nearest whole number.

Candace bought a laptop for 475 dollars. She then decided to sell the laptop for 985. What markup rate did Candace use to calculate the sales price of her laptop? Write your answer as a percentage rounded to the nearest whole number.
Transcript text: Candace bought a laptop for $\$ 475$ dollars. She then decided to sell the laptop for $\$ 985$. What markup rate did Candace use to calculate the sales price of her laptop? Write your answer as a percentage rounded to the nearest whole number.
failed

Solution

failed
failed

Solution Steps

Step 1: Calculate the Absolute Markup

To find the markup, subtract the original purchase price from the selling price:

\[Markup = P_{selling} - P_{original} = 985 - 475 = 510\]

Step 2: Calculate the Markup Rate as a Percentage

The markup rate is calculated as a percentage of the original purchase price:

\[Markup\ Rate = \left(\frac{Markup}{P_{original}}\right) \times 100\% = \left(\frac{510}{475}\right) \times 100\% = 107.37\%\]

Step 3: Round the Markup Rate to the Nearest Whole Number

The markup rate is rounded to the nearest whole number for simplicity:

\[Markup\ Rate\ Rounded = 107\%\]

Final Answer:

The markup rate, rounded to the nearest whole number, is \textbf{107}\%.

Was this solution helpful?
failed
Unhelpful
failed
Helpful

Questions asked by other users

failedAnswered
Question 7 (1 point) Which of the following examples is most likely to NOT involve automatic processing? A) Taking a walk at night and hearing a rustling sound in the bushes next to you. B) Engaging in a conversation in a busy cafeteria but hearing someone call out your favourite celebrity's name. C) Working on a 1000-piece jigsaw puzzle for the first time with a friend. D) Riding a bike on a paved trail, after biking to school every day for the past 10 years. Question 8 (1 point) As mentioned in the web module, why do you turn down the radio when you are looking for a new address? A) Resources for controlled processes are limited and can interfere with one another. B) Looking for an address requires more cognitive effort than listening to music. C) Listening to music and looking for an address are both automatic processes. D) Turning down the music helps when you are trying to focus on an automatic process.
failedAnswered
An estimate of the quotient is 15. The actual quotient is . (Round to three decimal places as needed.)
failedAnswered
Solve the rational inequality and graph the solution set on a real number line. Express the solution set in interval notation. (x+4)/(x+7)<2
failedAnswered
The nurse reviews a patient's medical record and recognizes which risk factor for osteoarthritis (OA)? Low body mass index (BMI) Obesity Childbearing age Male sex
failedAnswered
Suppose a firm can produce 70 units of a product, Zenia, by combining labor, land, capital, and entrepreneurial ability, as in the four alternative Techniques shown in the table below. Assume further that the firm can hire labor at 3 per unit, land at 3 per unit, capital at 6 per unit, and entrepreneurship at 9 per unit. Production Techniques A B C D --------------- Labor 4 10 6 5 Land 5 3 3 3 Capital 5 2 4 4 Entrepreneurship 1 1 1 1 Refer to the provided table, and suppose that the firm uses production Technique D. If each of the 70 units of Zenia that are produced sells for 1 apiece, then how much will be the total profits of the firm from 70 units of Zenia? Multiple Choice 70 57 13