Asked by Tiffany Santo on Apr 28, 2024
Verified
If a product has a cost of $730 and a markup rate of $3013%\$ 30 \frac { 1 } { 3 } \%$3031% , what is the selling price?
A) $983.33\$ 983.33$983.33
B) $760.33\$ 760.33$760.33
C) $951.43\$ 951.43$951.43
D) $760.00\$ 760.00$760.00
E) $949.00\$ 949.00$949.00
Markup Rate
The percentage increase on the cost price of goods to achieve the selling price.
Selling Price
The amount for which a product or service is sold to the purchaser.
- Execute computations for markup, markdown, discount, and unit pricing in financial literacy environments.
Verified Answer
GP
gianicola perron
May 05, 2024
Final Answer :
C
Explanation :
First, calculate the markup amount:
Markup \% = $3013%\$ 30 \frac {1}{3} \%$3031% = 0.3
Markup amount = 0.3 x $730 = $219
Then, add the markup amount to the cost to get the selling price:
Selling price = $730 + $219 = $949
Therefore, the correct answer is choice C.
Markup \% = $3013%\$ 30 \frac {1}{3} \%$3031% = 0.3
Markup amount = 0.3 x $730 = $219
Then, add the markup amount to the cost to get the selling price:
Selling price = $730 + $219 = $949
Therefore, the correct answer is choice C.
Learning Objectives
- Execute computations for markup, markdown, discount, and unit pricing in financial literacy environments.