Find the markup and the selling price of the following item. round answers to the nearest cent. a chemistry set costing $27.50, marked up 32% on cost.

Let x be marked up price. We have been given that a chemistry set costing $27.50, marked up 32% on cost.

Therefore, mark up price is $8.80.  

Since we know that selling price of any item equals the sum of cost and mark-up price of the item.

Let us find selling price of our chemistry set.  

Therefore, the selling price of the chemistry set is $ 36.30.

The relationship between markup and cost is given in the problem statement.

markup = 0.32 × cost = 0.32 × $27.50 = $8.80

Selling price is the sum of cost and markup.

selling price = cost + markup = $27.50 + 8.80 = $36.30

step-by-step explanation:

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note: the best i know.