Question

A ski shop has a markup rate of 50%. Find the selling price of skis that cost the storeowner $300. Fill in the blank to answer the question: The selling price is $_______.

Answer 1

Selling price is $600

Explanation:

Mark up cost= Selling price - cost/cost *100

But from the question, we know the mark up cost which is 50%

We know the cost which is $300 dollars, but we don't know the selling price.

Therefore, from the formula above, we make the selling price subject of formula.

50%=(300-x/x) * 100

Expanding the bracket

1/2= 3000-100x

We cross multiply

= 60000-100x

We move the value of x over the equality sign to make it positive

So we have, 100x=60000

We multiply both sides by the value of x

100x/100= 60000/100

Therefore, x= $600.

Answer 2

The selling price is $450

Explanation:

Here we have the mark up rate given as 50%. That is the store is going to add 50% to the cost of the ski,

Therefore, we have;

100% + 50% = 150%

The selling price will be 150% the cost price.

We use simple proportion to calculate the cost price as follows;

`(x)/(300) = (150)/(100) \rightarrow (100x)/(100) = (300* 150)/(100)` = $450

The selling price = $450.