# Greg need help with math homework

• Jan 2nd 2009, 08:35 PM
Kenny7
Greg need help with math homework
(Happy) Hi! this is Gregory and I need help with my math homework, I already had it figure out, but I need to know if I am on the right track. Thanks

Here are the Question and what I came up with:

11. A retailer sells a clothing item for \$49.99. If the retailer maintains a 40% markup on cost, how much can it afford to pay for the item?

Cost= Price/1+ markup price
\$49.99/1 +.40
=49.99/1.4
=\$35.71

12. Determine the selling price of a good if it is purchased for \$36 and the firm wants to earn a markup of 40% on the selling price.

Selling price= Cost/1- markup rate
\$36/1-.40
=\$36/.60
=\$60

14. A retailer wants to sell an item that costs \$18 at a list price that will provide a 25% markup on the selling price and give the customer a 40% discount. What is the list price?

Cost + markup= selling price
\$18 + .25S=S
\$18=S-.25S
\$18= -75S
24= S
List Price - Trade discount = Net Price
P - .40P = \$24
.60P = \$24
P =\$ 40
• Jan 2nd 2009, 08:54 PM
Mush
Quote:

Originally Posted by Kenny7
(Happy) Hi! this is Gregory and I need help with my math homework, I already had it figure out, but I need to know if I am on the right track. Thanks

Here are the Question and what I came up with:

11. A retailer sells a clothing item for \$49.99. If the retailer maintains a 40% markup on cost, how much can it afford to pay for the item?

Cost= Price/1+ markup price
\$49.99/1 +.40
=49.99/1.4
=\$35.71

This is fine

12. Determine the selling price of a good if it is purchased for \$36 and the firm wants to earn a markup of 40% on the selling price.

Selling price= Cost/1- markup rate
\$36/1-.40
=\$36/.60
=\$60

Correcto.

14. A retailer wants to sell an item that costs \$18 at a list price that will provide a 25% markup on the selling price and give the customer a 40% discount. What is the list price?

Cost + markup= selling price
\$18 + .25S=S
\$18=S-.25S
\$18= -75S
24= S
List Price - Trade discount = Net Price
P - .40P = \$24
.60P = \$24
P =\$ 40

Well if by "give the customer a 40% discount", you meant, find the selling price, and then add on a shedload extra, then take it off again to make it LOOK like they got a discount then - yeah, looks good.

Indeed.