To determine the markup for the sofa, follow these steps:
1. Identify the wholesale price and the markup rate:
- Wholesale price = \[tex]$97.00
- Markup rate = 40%
2. Convert the markup rate from a percentage to a decimal:
- 40% as a decimal is 0.40
3. Calculate the markup amount:
- Multiply the wholesale price by the markup rate:
\[
\text{Markup amount} = \text{Wholesale price} \times \text{Markup rate}
\]
Substitute the values:
\[
\text{Markup amount} = 97.00 \times 0.40
\]
4. Determine the result of the multiplication:
- \[
97.00 \times 0.40 = 38.80
\]
So, the markup for the sofa is \(\$[/tex]38.80\).
