The cost of an office chair is $159 and the markup rate is 24% of the cost. what is a. the dollar markup and b. the selling price?

A. The dollar amout of the markup is found by multiplying the markup rate by the dollar cost. "24% of cost" means "24% × cost". Of course, you know that 24% = 24/100 = 0.24.

... markup = 0.24 × cost = 0.24 × $159 = $38.16

B. The markup is the amount added to the cost to get the selling price. It is the amount by which the cost is marked up.

... selling price = cost + markup = $159.00 +38.16 = $197.16

do your own work and don"t cheat.

step-by-step explanation: