SOLUTION: plzzz sove this..... An item that costs a retailer $60.00 is normally sold for $98. During a storewide sale, the item was marked down by 25%. (Round your answers to 2 decimal pl

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Question 1020181: plzzz sove this.....
An item that costs a retailer $60.00 is normally sold for $98. During a storewide sale, the item was marked down by 25%. (Round your answers to 2 decimal places.)

a. What is the normal rate of markup based on cost?


%

b. What was the reduced sale price?

$

c. By how much was the item marked down in dollars?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
The regular selling price is $98
After marking down by 25%, the
selling price is:
+98+-+.25%2A98+
+98+-+24.5+=+73.5+
$73.50
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(a)
What is the normal % markup based on cost?
Let +x+ = the FRACTION of the markup
+60+%2B+x%2A60+=+98+
+x%2A60+=+38+
+x+=+38%2F60+
+x+=+.6333+
The % markup is:
+.6333%2A100+=+63.333+
63 and 1/3 %
-----------------
(b)
The reduced sale price is $73.50
( from above work )
-------------------
(c)
+98+-+73.5+=+24.5+
The item was marked down by $24.50