A. The store price for the guitar would be $58.50.
B. The store paid approximately $80 for the trumpet.
C. The store marked up the price by approximately 33.33%.
Let's solve each part of the problem:
A. If the store bought a guitar for $45 and marked it up by 30%, the store price would be calculated as follows:
Store Price = Cost Price + (Cost Price * Markup Percentage)
Store Price = $45 + ($45 * 0.30)
Store Price = $45 + $13.50
Store Price = $58.50
Therefore, the store price for the guitar would be $58.50.
B. If the price tag on a trumpet says $104 and the store marked it up by 30%, we can find the cost price as follows:
Cost Price = Price Tag / (1 + Markup Percentage)
Cost Price = $104 / (1 + 0.30)
Cost Price = $104 / 1.30
Cost Price ≈ $80
Therefore, the store paid approximately $80 for the trumpet.
C. If the store paid $75 for a clarinet and sold it for $100, we can calculate the markup percentage as follows:
Markup Percentage = ((Selling Price - Cost Price) / Cost Price) * 100
Markup Percentage = (($100 - $75) / $75) * 100
Markup Percentage = ($25 / $75) * 100
Markup Percentage = 1/3 * 100
Markup Percentage = 33.33%
The store marked up the price by approximately 33.33%, which is higher than the given 30%. Therefore, the store marked up the price by more than 30%.
Question
1. A music store marks up the instruments it sells by 30%.
A. If the store bought a guitar for $45, what will be its store price?
B. If the price tag on a trumpet says $104, how much did the store pay for it?
C. If the store paid $75 for a clarinet and sold it for $100, did the store mark up the price by 30%?