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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.

The Green Thumb Garden Shop purchases automatic lawn sprinklers for $12.50 from the manufacturer. If a 75% markup based on cost is added, at what retail price should the sprinklers be marked?

To determine

To calculate: The selling price of automatic lawn sprinklers if the cost price is $12.50 and percent markup based on cost is 75%.

Explanation

Given Information:

The cost of automatic lawn sprinklers is $12.50 and percent markup based on cost is 75%.

Formula used:

The selling price can be calculated using the following equation:

Selling Price=Cost×(100%+%Mcost) or SP=C×(100%+%Mcost)

Calculation:

Consider the provided data,

The cost of automatic lawn sprinklers is $12.50 and percent markup based on cost is 75%.

So, C =$12.50 and %Mcost=75%.

The selling price can be calculated using the following equation:

SP=C×(100%+%Mcost)

Substitute C =$12

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