Question

Chang bought a bumper marked up 15.2% based on selling price at a local auto shop. If the markup is $39.91, find the selling price and the cost. Round to the nearest cent or tenth of a percent.

Answer 1

cost price = $262.57

selling price = $302.48

Step-by-step explanation:

The selling price is

Selling price = cost + markup

We know that markup is 15.2% of the cost price. Since the markup is $39.91,

`(15.2)/(100)(\text{cost price)=39.91}`
`0.152(\text{cost price) =39.91}`

dividing both sides by 0.152 gives

`\text{cost price}=(39.91)/(0.152)`
`\boxed{\text{cost price}=\$262.57.}`

The selling price is

cost price + 15.2% of the cost price

= (100% + 15.2%) cost price

=115.2% cost price

Now, 115.2% of the cost price is

`(115.2\%)/(100\%)(262.57)`
`=1.152(262.57)`
`=\$302.48`

Hence the selling price is $302.48.

Therefore, to summerise,

cost price = $262.57

selling price = $302.48