Question

Jamie's parents own a hardware store. They asked Jamie to put the retail prices on an order of hammers that was just delivered. The wholesale cost of each hammer is $8.50. The store markup is 60%. What retail price will Jamie put on each hammer?

Answer 1

13.60$

Explanation:

So first we make a proportion:

amount of markup/ 8.50$ 60/ 100

Then we cross multiply,

8.50 × 60 = 510

Then u divide your answer to 100

510 ÷ 100 = 5.1 or 5.10

Now we add that product to our original

price,

8.50 ± 5.10 ≈ 13.60$

Their product is our answer!

Answer 2

Retail price of each hammer is $
`13.60`

Explanation:

Given -

Whole sale cost of each hammer is $
`8.50`

Whole sale price means the discounted price of each hammer at the time of purchase.

Retails price is the selling price marked on each hammer which is marked up by
`60` % on the whole sale price

As we know that

Marking up the price of any commodity by X % above its retails price means charging a price X% higher than the cost of the good or service

Retail price of one hammer

(Whole sale price of one +
`60` %
`*` Whole sale price of one hammer)

Substituting the given values in above equation, we get-

`8.50 + (60)/(100) * 8.50\\= 8.50 + 0.60 * 8.50\\= 13.6`

Retail price of each hammer is $
`13.60`