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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, rounding dollars to the nearest cent and percents to the nearest tenth of a percent.

A microwave oven cost The Appliance Warehouse $141.30 and was initially marked up by 55% based on selling price. In the next few months, the item was marked down 20%, marked up 15%, marked down 10%, and marked a final 10%. What was the final selling price of the microwave oven?

To determine

To calculate: The final Selling Price of the microwave oven, if cost is  $141.30 and the markup based on selling price is 55%, where the item was marked down 20% and mark up 15%, marked down at 10% and again 10% marked down finally.

Explanation

Given Information:

The Cost is  $141.30 and the percent markup based on selling price is 55%.

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=Original price(100%MD%)

Another formula to calculate the Selling Price is:

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

Calculation:

Consider the provided data, Cost  $141.30, and percent markup based on selling price is 55%:

Assume, %MSP = 55% and  C =  $141.30

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 = 55% and  C =  $141.30 in SP=C100%%MSP:

SP=141.30100%55%=141.300.45=314

Therefore, the Original Selling Price of microwave oven, is $314.

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

The Sale Price is:

Sale=Original price(100%MD%)

Substitute for MD% = 20% and  Orig = $107.78 in Sale=Original price(100%MD%):

Sale=314(100%20%)=314×0

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