an item costs a store $5 from the manufacturer. the store plans to mark up the item at 60% of the cost. use…

an item costs a store $5 from the manufacturer. the store plans to mark up the item at 60% of the cost. use this information to calculate the sticker price the store should sell the item for. $? round to the nearest cent.

an item costs a store $5 from the manufacturer. the store plans to mark up the item at 60% of the cost. use this information to calculate the sticker price the store should sell the item for. $? round to the nearest cent.

Answer

Explanation:

Step1: Calculate the markup amount

The markup is 60% of the cost. The cost is $5. So the markup amount $m$ is $m = 0.6\times5$. $m=0.6\times5 = 3$

Step2: Calculate the sticker - price

The sticker - price $p$ is the sum of the cost $c$ and the markup amount $m$. Here, $c = 5$ and $m = 3$. So $p=c + m$. $p=5 + 3=8$

Answer:

$8$