The markup for the sofa can be calculated using the formula:

$\text{Markup} = \text{Wholesale Price} \times \text{Markup Rate}$

In this case:

$\text{Markup} = 97.00 \times 0.40$

$\text{Markup} = 38.80$

So, the markup for the sofa is $38.80.

Would you like more details or have any questions?

Here are 5 related questions for practice:

1. What is the retail price of the sofa after adding the markup?
2. If the markup rate was 50%, what would the new markup amount be?
3. How would the markup change if the wholesale price was $120.00?
4. If Brandon's Furniture Store had a 25% discount, what would be the final selling price after applying the discount to the retail price?
5. What is the percentage increase from the wholesale price to the retail price?

Tip: When calculating markup, always convert percentage rates into decimals by dividing by 100.