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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.

In February, Golf World, a retail shop, purchased golf clubs for $453.50 per set. The original markup was 35 % based on selling price. In April, the shop took a 20 % markdown by having a special sale. After two weeks, the sale was over and the clubs were marked up 10 % . In June, the shop offered a storewide sale of 15 % off all merchandise, and in September, a final 10% markdown was taken on the clubs. What was the final selling price of the golf clubs?

To determine

To calculate: The final Selling Price, for given, Cost is  $453.50 and the percent markup based on selling price is 35% and series of markups and markdowns.

Explanation

Given Information:

The Cost is  $453.50 and the percent markup based on selling price is 35%.

Formula used:

The Selling Price can be calculated using the following equation:

Selling Price=Cost100%%MSP or SP=C100%%MSP

The Sale Price can be calculated using the following equation:

Sale Price=Original Selling Price(100%Markdown%) or Sale=Orig(100%MD%)

Another formula to calculate the Selling Price is:

Selling Price=Sale Price(100%+%Markup)or SP=Sale(100%+%M)

Another formula to calculate the Sale Price is:

Sale Price=Previous Selling Price(100%Markdown%) or Sale=Previous SP(100%MD%)

Calculation:

Consider the provided data, Cost  $453.50, and percent markup based on selling price is 35%:

Assume, %MSP=35% and  C = $453.50

This markup and markdown series can be solved using the 5 steps as:

Step 1: To calculate the Original Selling Price.

The Original Selling Price is:

SP=C100%%MSP

Substitute for %MSP=35% and  C = $453.50 in SP=C100%%MSP:

SP=453.50100%35%=453.500.65=697.69

Therefore, the Original Selling Price of golf club, is $697.69.

Step 2: To calculate the Sale Price, with markdown of 20%.

The Sale Price is:

Sale=Orig(100%MD%)

Substitute for MD%=20% and  Orig = $697.69 in Sale=Orig(100%MD%):

Sale=697

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