A car dealer buys a vehicle for $28,000. The dealer estimates that operating expenses per unit are
Question:
A car dealer buys a vehicle for $28,000. The dealer estimates that operating expenses per unit are 25% of cost. The dealer's desired operating profit is 15% of cost.
a. What should the markup and selling price be for this vehicle?
b. What is the dealer's rate of markup based on cost?
c. What is the dealer's rate of markup based on selling price?
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