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Math Help - Greg need help with math homework

  1. #1
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    Buffalo
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    Greg need help with math homework

    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
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  2. #2
    Super Member
    Joined
    Dec 2008
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    Scotland
    Posts
    901
    Quote Originally Posted by Kenny7 View Post
    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.
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