Question

Dr Leonard Bernstein owner of software solving inc determines that he must mark up the software he sell to clients by 60% of selling price. Leonard's costs for a project with the local bank will total $1200000. What selling price should Leonard put in the contract with the bank

Answer 1

The right solution is "$1,920,000".

Explanation:

Given:

Project cost,

= $1200000

Dr. Leonard sells by

= 60%,

The mark up value will be:

=
`(1200000* 60)/(100)`

=
`720,000` ($)

hence,

The selling price he should put with the bank will be:

=
`Project \ cost+Mark \ up \ value`

=
`1200000+720000`

=
`1,920,000` ($)