Question

1. a store buys an item for $30 and sells it for $48. what percent markup was added?
2. a student estimated 10 lbs, actual was 8 lbs. what is percent error?

Explanation:

Problem 12

Step1: Find the markup amount

The markup amount is the selling price minus the cost price. So, $48 - 30 = 18$.

Step2: Calculate the percent markup

Percent markup is calculated by dividing the markup amount by the cost price and then multiplying by 100. So, $\frac{18}{30} \times 100 = 60\%$.

Step1: Find the absolute error

The absolute error is the absolute value of the difference between the estimated value and the actual value. So, $|10 - 8| = 2$.

Step2: Calculate the percent error

Percent error is calculated by dividing the absolute error by the actual value and then multiplying by 100. So, $\frac{2}{8} \times 100 = 25\%$.

Answer:

$60\%$

Problem 13