Question

HELPPPP PLEASE

An import/export business marks up imported merchandise by 120%. If a wicker chair imported from Singapore originally costs $197 from the manufacturer, what is the retail price?

Answer 1

$433.40

Explanation:

The markup amount is 120% of the original cost, which we can calculate by multiplying 197 by 1.2. This gives us 236.4. Adding this to the original cost of 197, we get a retail price of 433.4

Answer 2

$433.4

Explanation:

To find the retail price, we can use the markup percentage. In this case, the merchandise is marked up by 120%. The formula to calculate the retail price (
`\sf R`) given the original cost (
`\sf C`) and markup percentage (
`\sf M`) is:

`\sf \textsf{Retail Price } = \textsf{ Cost Price} + \frac{textsf{ Mark Price}}{100} \cdot \textsf{ Cost Price}`

`\sf R = C + \left((M)/(100)\cdot C\right)`

Given that the original cost (
`\sf C`) is $197 and the markup percentage (
`\sf M`) is 120%, you can substitute these values into the formula:

`\sf R = 197 + \left( (120)/(100) \cdot 197\right)`

Now, calculate:

`\sf R = 197 + ( 1.2 \cdot 197)`

`\sf R = 197 + 236.4`

`\sf R = 433.4`

Therefore, the retail price of the wicker chair after a 120% markup is $433.4.