Question

Original price: $36; Markup: 5% The retail price is ?

Answer 1

EXPLANATION

If the original price is $36 and the markup is 5%, we need to add the markup.

We can get this multiplying the original price by the following formula:

`\text{Markup \%=}\frac{\text{Selling price-Cost}}{\text{Cost}}\cdot100`

Replacing terms:

`(5)/(100)=\frac{\text{markup}-36}{36}`

Multiplying both sides by 36:

`(5)/(100)\cdot36=\text{markup}-36`

Adding 36 to both sides:

`(5)/(100)\cdot36+36=\text{markup}`

Computing terms:

`\text{1}.8+36=\text{markup}`

Adding terms:

`37.8=\text{markup}`

The retail price is $37.8