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
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
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
List Price - Trade discount = Net Price
P - .40P = $24
.60P = $24
P =$ 40