The spoilage rate on a shipment of 600 pounds of apples is expected to be 22%. They were puchased at a cost of $0.35 per pound. What should the selling price per pound be to achieve a markup of 34% based on cost? (Note: Round your answer to the nearest cent.)
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
The spoilage rate on a shipment of 600 pounds of apples is expected to be 22%. They were puchased at a cost of $0.35 per pound. What should the selling price per pound be to achieve a markup of 34% based on cost? (Note: Round your answer to the nearest cent.)
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