Question

It Costs Nike about $13 to make a pair of Jordan Sneakers. The Markup is 1250%.

a. What is the Markup?
b. What is the Selling Price?
Amount of Markup = Cost X Markup
Selling Price= Cost + Amount of Markup
Mark up (Expression to find selling price) =Original price + (Original Price x %increase) (Change % to decimal)

Answer 1

9514 1404 393

Answer:

a) markup: $162.50

b) selling price: $175.50

Explanation:

Use the given formulas to answer the questions.

1) Markup Amount = Cost × Markup Rate

Markup Amount = $13 × 1250% = $13 × 12.50

Markup Amount = $162.50

__

2) Selling price = Cost + Markup Amount

Selling price = $13 +162.50

Selling price = $175.50

_____

Comment on percents

The % symbol can be thought of as a shorthand way to write /100. That is, anyplace you see %, you can substitute /100, and vice versa.

1250% = 1250/100 = 12.50