   Chapter 8.I, Problem 23RE ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### 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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