Answer:

Here are the first three statements from the program:

' Retail price calculator
' with markup entered by the user
PRINT "Enter the amount of markup in percent" 
INPUT MARKUP                                  
LET RATE = 1 + MARKUP / 100

The first statement prompts the user. Say that the user types 10. That value will be stored in MARKUP. Then 1 + 10 / 100 is calculated, and the result 1.1 is put in RATE.

Initializing the Loop

Here is what happens in detail:

The first statement writes "Enter the amount of markup in percent" on the monitor.
The next statement:
- Finds memory for the variable MARKUP.
- Writes a "?" on the monitor.
- Puts what the user typed (let us say 10) into MARKUP.
The third statement:
- Needs to calculate a number for 1 + MARKUP / 100
- So it looks in MARKUP and gets a 10.
- Does the division first because division is high priority: 1 + 0.1
- Does the addition: 1.1
- Puts the resulting number in MARKUP.

QUESTION 11:

After the first three statements have executed, what happens with the program? (Just say what happens in general; no details are needed.)