Hi I need correct answers with clear explanation, please. Please, open image to
ID: 3145837 • Letter: H
Question
Hi
I need correct answers with clear explanation, please.
Please, open image to see the question clearly.
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R Quizzes-Busi nes @ Take a Test-Zach x. D Assignment 2.pdf Do/Complete cconsumer surpl x- Messenger G how do you sort/X 0 × X> × x - Secure https:// www.mathx com/Student/PlayerTest.aspx?tc profile url=https%3a%2f%2fuot blackboard com 62 earn%2fap1%2fv1%2flt%2fprofile&appproductid;=3& sgradable:false&hi; Business Math 1 -Fall 2017 Zachary Dunn 10/17/17 5:25 PM Quiz: F17 - Quiz 5 Time Remaining: 00:36:07 Submit Quiz This Question: 2 pts 1 of 8 (0 complete) This Quiz: 10 pts possible Sheridan Service sells oil at a markup of 38% of the selling price. Sheridan paid $1.07 per litre of oil. (a) What is the selling price per litre? (b) What is the rate of markup based on cost? (a) The selling price per litre is s 1.45 Round the final answer to the nearest cent as needed. Round all intermediate values to sx decimal places as needed.) (b) The rate of markup based on cost is 35.51 Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed) . I' 1.1 Vi :/il .. (..) More Enter your answer in each of the answer boxes. Assignment 2.pdf Q Travel-Solution(1).xlsx ^ Q Restaurants Soluti xlsx^ Seminar 6 ethics docx^ Show all ^ Question-2xlsx O Type here to search ENG 25 PM 2017-10-17Explanation / Answer
(a) Let the selling price be S.
Cost price = $1.07
Markup = 38% of S = 38S/100
=> S = 1.07 + 38S100
=> 1.07 = 62S/100
=> S = 1.07 * 100 / 62
= 1.725806
= 1.73$.
(b) Markup = 38/100 * 1.725806 = 0.655806
Rate of markup based on cost price = 0.655806 / 1.07 * 100
= 61.290280
= 61.29%.