Question

Help!!!

The bike store marks up the wholesale cost of all of the bikes they sell by 50%. Andre wants to buy a bike that has a price tag of $250. What was the wholesale cost (before the price markup) of this bike? Round to the nearest hundredth (cent). Remember your units ($ sign).

The bike store marks up the wholesale cost of all of the bikes they sell by 50%. Andre wants to buy a bike that has a price tag of $250. If the bike is discounted (on sale) by 40%, how much will Andre pay (before taxes)?

With a coupon, you can get a pair of shoes that normally costs $184 for only $114. What percentage was the discount? Round to the nearest HUNDREDTH. Remember your units (% sign).

Answer 1

9514 1404 393

Answer:

a) $166.67

b) $150

c) 38.04%

Explanation:

a) The selling price (s) is the sum of the wholesale price (w) and the markup (m).

s = w + m

We have ...

250 = w + 0.50×w

250/1.50 = w = 166 2/3 ≈ 166.67

The wholesale cost of the bike is $166.67.

__

b) The price of the bike after the discount is 100% -40% = 60% of the tagged price:

0.60 × $250 = $150 . . . . . the discounted price

(Aside: we note this is less than the wholesale price, so the store is taking a loss on the bike when it is discounted this much.)

__

c) The percentage change is found by ...

percent change = ((new value)/(old value) -1) × 100%

= (114/184 -1) × 100% = (0.619565 -1) × 100% ≈ -38.04%

The discount is about 38.04%.