a store buys a shirt for $20 and applies a 30% markup. what is the selling price? selling price = $?
a store buys a shirt for $20 and applies a 30% markup. what is the selling price? selling price = $?
Answer
Explanation:
Step1: Calculate the markup amount
Markup amount = Cost price × Markup percentage. The cost price of the shirt is $20 and the markup percentage is 30% or 0.3. So, Markup amount = $20×0.3 = $6.
Step2: Calculate the selling price
Selling price = Cost price+Markup amount. Cost price is $20 and markup amount is $6. So, Selling price = $20 + $6=$26.
Answer:
$26