an item costs a store $5 from the manufacturer. the store plans to mark up the item at 70% of the cost. use…

an item costs a store $5 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. $?

an item costs a store $5 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. $?

Answer

Explanation:

Step1: Calculate the markup amount

Markup amount = Cost × Mark - up percentage. The cost is $5 and the mark - up percentage is 70% or 0.7. So, Markup amount = $5×0.7=$3.5.

Step2: Calculate the sticker price

Sticker price = Cost+Markup amount. Cost = $5 and Markup amount = $3.5. So, Sticker price = $5 + $3.5=$8.5.

Answer:

$8.5