SOLUTION: Could someone please help me with this problem. I have been struggling for hours with it? By conversion of the markup formula, solve the following (round to the nearest whole pe

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Question 111904This question is from textbook practical business math procedures
: Could someone please help me with this problem. I have been struggling for hours with it?
By conversion of the markup formula, solve the following (round to the nearest whole percent as needed)
1. Percentage markup on cost=12.4% what is the percent markup on selling price?
2. Percentage markup on selling price= 13%. What is the percent markup on cost?

Thanks in advance for your help! This question is from textbook practical business math procedures

Answer by scott8148(6628) (Show Source):
You can put this solution on YOUR website!
cost+markup=selling price

1. m=.124c ___ c+.124c=s ___ 1.124c=s ___ m/s = .124c/1.124c = .124/1.124

2. m=.13s ___ c+.13s=s ___ c=.87s ___ m/c = .13s/.87s = .13/.87