Question 1 [5 points]
Poage Appliances past accounting data shows that their expenses average $29 \%$ of an item's regular selling price. They want to make a $21 \%$ profit based on selling price. If Poage Appliances purchases a stove for $\$ 681$, answer the following questions.

For full marks your answer(s) should be rounded to the nearest cent.
a) What is the regular selling price?
Selling price $=\$ 0.00$
b) What is the amount of markup?
\[
\text { Markup }=\$ 0.00
\]

Step 1 ：The problem is asking for the regular selling price of a stove that Poage Appliances purchased for $681, with the aim of making a 21% profit based on the selling price. To find the regular selling price, we need to calculate the total percentage of the selling price, which is the sum of the expenses and the profit.

Step 2 ：First, calculate the total percentage of the selling price: 29% (expenses) + 21% (profit) = 50%

Step 3 ：Then, we know that 50% of the selling price is $681, so to find the full selling price, we need to divide $681 by 0.5.

Step 4 ：So, the regular selling price is: \(\frac{681}{0.5} = 1362\)

Step 5 ：The selling price calculated is not rounded to the nearest cent as the question asked. We need to round the selling price to the nearest cent.

Step 6 ：After rounding, the regular selling price is \(\boxed{1362.00}\)