To calculate the approximate markup rate on the refrigerator that Eduardo bought, we can follow these steps:
1. Find the total amount Eduardo paid for the refrigerator over two years:
$35 per week * 52 weeks in a year = $1820 per year
$1820 per year * 2 years = $3640 total paid over two years
2. Calculate the markup amount:
Total amount paid - Sticker price of the refrigerator = Markup amount
$3640 - $2400 = $1240 markup amount
3. Determine the markup rate as a percentage of the sticker price:
Markup amount / Sticker price of the refrigerator = Markup rate as a decimal
$1240 / $2400 = 0.5167
4. Convert the decimal markup rate to a percentage:
0.5167 * 100% = 51.67%
Therefore, the approximate markup rate on the refrigerator Eduardo bought is approximately 51.67%. This means that the price he paid was around 51.67% higher than the original sticker price of $2400.
