Cost is $62 and rate of markup on selling price is 26 1/3% . calculate the amount of markup
To calculate the amount of markup, we need to find 26 1/3% of the cost.
First, convert 26 1/3% to decimal form by dividing by 100:
26 1/3% = 26.33/100 = 0.2633
Next, multiply the cost by the rate of markup:
Markup = 0.2633 * $62 = $16.29
Therefore, the amount of markup is $16.29.