Question

A bookstore buys Algebra 1 books at a wholesale price of $16 each. It then marks up the price by 83%, andsells the Algebra 1 books. What is the amount of the markup? What is the selling price?

Answer 1

The amount of the markup on the Algebra 1 books is $13.28. The selling price after marking up the books by 83% will be $29.28.

Step-by-step explanation:

To calculate the markup on the Algebra 1 books that the bookstore plans to sell, we need to first determine 83% of the wholesale price, which is $16. To do this, we convert the percentage to a decimal by dividing by 100 (83% = 0.83) and then multiply by the wholesale price.

Amount of markup = $16 × 0.83 = $13.28.

Now that we have the markup amount, to find the selling price, we add the markup to the original wholesale price:

Selling Price = Wholesale Price + Markup

Selling Price = $16 + $13.28 = $29.28.

Answer 2

To find the markup price you need to multiply the 83% by the cost:

83%=0.83

16*0.83=13.28

and the selling price is the cost plus the markup price so

16+13.28=29.28

So the answer is:

The mark up is $ 13.28 and the final selling price is $ 29.28