Question

A CD player cost Best Buy $498.00. They use a 59% markup pricing to sell this item in the store. Calculate the dollar mark up amount and the new selling price.

Answer 1

That would be 791.82 after a mark up of 293.82!

Answer 2

Answer: Mark up price=$293.82

New selling price=$791.82

Explanation:

We know that
`\text{Mark up}\%=\frac{\text{Selling price-Cost price}}{\text{Cost price}}*100`

Therefore,

`\Rightarrow59=(SP-\$498)/(\$498)*100\\\Rightarrow59=(SP-\$498)/(\$498)*100\\\Rightarrow\ SP-\$498=(59*\$498)/(100)\\\Rightarrow\ SP-\$498=293.82\\\Rightarrow\ SP=\$293.82+\$498\\\Rightarrow\ SP=\$791.82`

⇒New selling price=$791.82

Mark up price= Selling price- cost price

⇒Mark up price=$791.82-$498

∴Mark up price=$293.82