Question

How do I find the selling price if a store pays 3$ for a magazine. The markup is 5%

Answer 1

We need to find the selling price of a magazine. We know that the store pays $3 for it, and the markup is 5%.

So, we need to add 5% of the initial price to that initial price.

First, let's find:

`5\%\text{ of }\$3=5\%\cdot\$3=(5)/(100)\cdot\$3=(\$15)/(100)=\$0.15`

Now, adding the previous result to the initial price, we obtain:

`\$3+\$0.15=\$3.15`

Therefore, the selling price is $3.15.