Answer: Mark up price=$293.82
New selling price=$791.82
Step-by-step explanation:
We know that [tex]\text{Mark up}\%=\frac{\text{Selling price-Cost price}}{\text{Cost price}}\times100[/tex]
Therefore,
[tex]\Rightarrow59=\frac{SP-\$498}{\$498}\times100\\\Rightarrow59=\frac{SP-\$498}{\$498}\times100\\\Rightarrow\ SP-\$498=\frac{59\times\$498}{100}\\\Rightarrow\ SP-\$498=293.82\\\Rightarrow\ SP=\$293.82+\$498\\\Rightarrow\ SP=\$791.82[/tex]
⇒New selling price=$791.82
Mark up price= Selling price- cost price
⇒Mark up price=$791.82-$498
∴Mark up price=$293.82
