Question

List the markup and retail price of each item. Round to two decimal places when necessary. A shirt item price is $33.75 and the markup is 75%, what is the markup price and retail price.

Hint: You will need to convert 75% into a decimal

Answer 1

markup price = $25.31

retail price = $59.06

Explanation:

Markup price is 75% OF 33.75

Retail price is original price (33.75) PLUS the markup price (to be found)

Firstly, converting a percentage to a decimal is simple. We simply divide by 100. So:

75% = 75/100 = 0.75

Now, to find markup, we multiply:

33.75 * 0.75 = $25.31

Now, the retail price is SUM of original and markup, that would be:

retail price = 33.75 + 25.31 = $59.06

Thus,

markup price = $25.31

retail price = $59.06