The Mathematics of Money

EXERCISES 8.1

When the fi nal answer is a percent, round to two decimal places if necessary.

A. Markup Based on Cost

1. Complete the following table by fi lling in the retail prices based on the given costs and markup percents:

Item Cost Markup Percent Retail Price

A $39.03 12.5%

B $1.47 65%

C $69.22 5.9%

D $184.03 22.5%

E $23.36 85%

2. Complete the following table by fi lling in the retail prices and the amount of markup based on the given costs and
   markup percents:

Item Cost Markup Percent Markup Amount Retail Price

A $3.55 50%

B $459.03 24%

C $108.85 2.58%

D $18.32 26.5%

E $62.41 37.5%

3. A hardware store buys a shipment of screwdriver sets of $8.37 each. If the store uses a 37.5% markup, what would the
   retail price be?


4. A coin dealer buys gold coins for $735 and then adds on an 8% markup. What is his selling price for each coin? What is
   the dealer’s markup on each coin?


5. An electronics retailer charges $49.31 each for a particular model of emergency shortwave radio. Find the cost if the
   markup is 25%. Also fi nd the amount of the markup.


6. A college bookstore uses an 18% markup for new textbooks.

a. If a textbook costs the store $107.45, what would the selling price be for the book? What is the amount of the markup?

b. If a textbook is offered for sale for $89.45, what did the bookstore pay for it? How much markup is included in the

bookstore price?

7. Complete the following table by fi lling in the markup percent based on the given costs and retail prices.

Item Cost Retail Price Markup Percent

A $31.55 $89.99

B $0.82 $1.29

C $15,750 $16,995

338 Chapter 8 Mathematics of Pricing