an item costs a store $16 from the manufacturer. the store plans to mark up the item at 70% of the cost. use…

an item costs a store $16 from the manufacturer. the store plans to mark up the item at 70% of the cost. use this information to calculate the sticker price the store should sell the item for.\n$?\nround to the nearest cent.

an item costs a store $16 from the manufacturer. the store plans to mark up the item at 70% of the cost. use this information to calculate the sticker price the store should sell the item for.\n$?\nround to the nearest cent.

Answer

Explanation:

Step1: Calculate the markup amount

The markup is 70% of the cost. The cost is $16. So the markup amount $m$ is $m = 0.7\times16$. $m=0.7\times16 = 11.2$

Step2: Calculate the sticker - price

The sticker - price $p$ is the sum of the cost and the markup. So $p=16 + m$. $p=16+11.2=27.2$

Answer:

$27.20$