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What is the rate of markup based on regular selling price

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Question - A merchant realizes a markup of $42 by selling an item at a markup of 37.5% of cost. The merchant's overhead expenses are 17.5% of the regular selling price. At a special sale, the item was reduced in price to $121.66. What is the rate of markup based on the regular selling price?

Reference no: EM132938644

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