To solve this problem:

1. Markup Calculation:

   • The markup rate is 55%, and the cost per container is $15.50.
   • The dollar amount of the markup is calculated as: $\text{Markup Amount} = \text{Cost Price} \times \text{Markup Rate}$ Substituting values: $\text{Markup Amount} = 15.50 \times 0.55 = 8.525$

2. Selling Price Calculation:

   • The selling price is the sum of the cost price and the markup amount: $\text{Selling Price} = \text{Cost Price} + \text{Markup Amount}$ Substituting values: $\text{Selling Price} = 15.50 + 8.525 = 24.025$ Rounded to the nearest cent: $\text{Selling Price} = 24.03$

Final Answers:

• Markup Amount: $8.53
• Selling Price: $24.03

Would you like further clarification or a detailed explanation of any step?

Here are five related questions to expand your understanding:

1. How would the selling price change if the markup percentage were 70%?
2. What is the profit margin in percentage terms for this sale?
3. How would you calculate the selling price if the markup was based on the selling price rather than the cost price?
4. What is the break-even price if additional costs (e.g., shipping) were $2.00 per container?
5. How would the markup amount change if the cost price increased to $20.00?

Tip: Always ensure you understand whether markup percentages are based on cost price or selling price—this can significantly affect calculations!