Question

Shirts were purchased for $13.50 each and were marked up by $17.75. During Christmas, they were discounted by $6.85 per shirt.

a. What was the rate of markdown?
%
Round to two decimal places
b. What was the reduced selling price per shirt?

Round to the nearest cent

Answer 1

The rate of markdown on the shirts was 21.92%, and the reduced selling price per shirt during Christmas, after the markdown, was $24.40.

Step-by-step explanation:

The subject of this question is Mathematics, specifically retail math dealing with markups and markdowns. To address the student's question:

1. The original price before the discount was $13.50 (purchase price) + $17.75 (markup) = $31.25.
2. The discount offered is $6.85 per shirt. To get the rate of markdown, you divide the discount by the original selling price and then multiply by 100 to get the percentage. So, the rate of markdown would be ($6.85 / $31.25) * 100 = 21.92%, rounded to two decimal places.
3. To get the reduced selling price, subtract the discount from the original selling price: $31.25 - $6.85 = $24.40 per shirt, rounded to the nearest cent.

The rate of markdown refers to the percentage decrease in the original price of an item during a sale or discount. It is a measure of how much the price has been reduced. The formula for calculating the rate of markdown is:

Rate of Markdown (%)=(Original Price−Sale PriceOriginal Price)×100Rate of Markdown (%)=(Original PriceOriginal Price−Sale Price​)×100

Let's break down the components of the formula:

Original Price: The initial price of the item before any discount.

Sale Price: The discounted price of the item after the markdown.

The numerator (Original Price−Sale PriceOriginal Price−Sale Price) represents the amount of the markdown, and dividing it by the original price gives the proportion of the markdown compared to the original price. Multiplying by 100 converts this proportion into a percentage.