point(s) possible A wallet is marked up $3, which is a 50% markup based on cost. What is the cost of the wallet and the selling price of the wallet? The cost is $ (Simplify your answer. Type an integer or decimal rounded to the nearest hundredth as needed.) The selling price is $ . (Simplify your answer. Type an integer or decimal rounded to the nearest hundredth as needed.) A serving tray costs $1,424 and sells for $1,980. a. Find the rate of markup based on cost. b. Find the rate of markup based on selling price. point(s) possible a. The rate of markup based on cost is %. (Type an integer or decimal rounded to the nearest tenth as needed.) b. The rate of markup based on selling price is %. (Type an integer or decimal rounded to the nearest tenth as needed.)