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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Solve the following word problems. Round dollars to the nearest cent and percents to the nearest tenth of a percent.

Crystal Auto Supply purchases water pumps from the distributor for $35.40 each. If Crystal adds a 120 % markup based on cost, at what retail price should the pumps be sold?

To determine

To calculate: The retail price at which the pumps should be sold when the water pumps is purchased at $35.40 from the distributor by the Crystal Auto Supply and percent markup based on cost is 120%.

Explanation

Given Information:

The water pumps are purchased at $35.40 from the distributor by the Crystal Auto Supply and percent markup based on cost is 120%.

Formula used:

The Selling Price is calculated using the formula:

SP=C(100%+%MCOST)

Where SP is the selling price, C is the cost and M is the percent markup.

Calculation:

The purchase cost is $35.40, and percent markup based on cost is 120%.

The Selling Price is calculated by the formula,

SP=C(100%+%MCOST) 

Substitute %MCOST=120% and  C =$35

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