MATH SOLVE

2 months ago

Q:
# ou see a used car you wish to buy. The dealer quotes you a price of $8,595. You have a blue book quotation of $7,400 for the same model and year. How much markup on cost is the dealer using?

Accepted Solution

A:

Answer: The markup price is 16.15 % .Step-by-step explanation:As given The dealer quotes you a price of $8,595. You have a blue book quotation of $7,400 for the same model and year. Formula [tex]Markup\ price = \frac{Change\ in\ price\times 100}{Car\ price\ in\ blue\ book\ quotation}[/tex]Where Change in price = Car price by dealer - Car price in blue book quotation .Put values in the above Change in price = 8595 - 7400 = $ 1195 [tex]Markup\ price = \frac{1195\times 100}{7400}[/tex][tex]Markup\ price = \frac{119500}{7400}[/tex]Markup price = 16.15 % (Approx)Therefore the markup price is 16.15 % .