Sheridan Service sells oil at a markup of 48% of the selling price. Sheridan paid $0.87 per litre of oil. (a) What is the selling price per litre? (b) What is the rate of markup based on cost? E> (a) The selling price per litre is $|:|. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The rate of markup based on cost is |:|%. (Round the final answer to tvvc decimal places as needed. Round all intermediate values to six decimal places as needed.)