Question

Use the given information to find the new price. Round to the nearest cent. Original Price: $22 Markup Rate: 29% S

Answer 1

The new price is $28.38

Here, given the original price and the markup rate, we want to get the new price

Mathematically, we have this as;

`\text{New price = original price + markup rate of original price}`

From the question;

original price = $22

markup rate = 29%

Substituting these values into the equation written above, we have that;

`\begin{gathered} \text{New price = \$22 + (29\% of \$22)} \\ \text{New price = \$22 + (}(29)/(100)*22) \\ \\ \text{New price = \$22 + \$6.38} \\ \text{New price = \$28.38} \end{gathered}`