Question

A home decorating store carries handmade floor tile with a markup of 32% on the selling price. If the tile has a markup of $1.48 per tile, find the selling price, the cost, and the cost as a percent of the selling price.

Answer 1

Given:

a markup of 32% on the selling price.

the tile has a markup of $1.48 per tile

Let the selling price = x

so,

32% of x = 1.48

`\begin{gathered} 0.32x=1.48 \\ x=(1.48)/(0.32)=4.625 \end{gathered}`

so, the selling price = $4.625

The cost per tile =

`4.625+1.48=6.105`

The cost as a percent of the selling price =