Question

Given a Cost of $9.00 and a Percent Markup on Cost of 30% find the Selling Price.

Answer 1

Markup (or price spread) is the difference between the selling price of a good or service and cost. It is often expressed as a percentage over the cost.

Given:

cost = $9.00

percent markup = 30%

Let the selling price be x

The formula form percent markup is:

`\text{ \% markup = }\frac{\text{ Selling price - cost}}{\cos t}\text{ }*\text{ 100 \%}`

Substituting we have;

`30\text{ = }\frac{x\text{ - 9}}{9}\text{ }*100`

Solving for x:

`\begin{gathered} \text{x - 9 = 2.7} \\ x\text{ = 11.7} \end{gathered}`

Hence, the selling price is $11.7

Answer: $11.7