Question

Mr. Small, the store manager for Jay's Appliance, is having a difficult time placing a selling price on a refrigerator that cost $410. Mr. Small knows his boss would like to have a 45% markup based on cost. The selling price should be

Answer 1

$594.50

Explanation:

1. Divide markup into decimal form

45/100 = .45

2. multiply by cost of Refrigerator

.45 x 410 = $184.50

3. Add markup cost to original Refrigerator cost.

184.50 + 410 = $594.50

Answer 2

A refrig. costing the seller $410 should be priced (retail) 45% higher.

Here's what we do: Mult. $410 by 1.45. Result: $581.45 (selling price)