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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 percent to the nearest tenth of a percent.

Galaxy Tools manufactures an 18-volt drill at a cost of $38.32. It imports rechargeable battery packs for $20.84 each. Galaxy offers its distributors a “package deal" that includes a drill and two battery packs. The markup is 36% based on selling price. What is the selling price of the package?

To determine

To calculate: The selling price of the package if the cost of the drill is $38.32 and percent markup based on selling price is 36%.

Explanation

Given Information:

The cost of the drill is $38.32, the cost of each battery is $20.84 and percent markup based on selling price is 36%.

Formula used:

The selling price can be calculated using the following equation:

Selling Price=Cost100%percent markup based on selling price or SP=C100%%MSP

Calculation:

Consider the provided data,

The cost of the drill is $38.32, the cost of each battery is $20.84 and percent markup based on selling price is 36%.

The Cost of the package deal is equal to the sum of the cost of the drill and the cost of two battery packs.

Cost of the package=Cost of deal+Cost of two batteries=38.32+(20.84×2)=80

So, C=$80 and %MSP=36%

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