6. a hanbok is a formal, traditional outfit of korean clothing. at a markup of 60%, what would be the retail…
6. a hanbok is a formal, traditional outfit of korean clothing. at a markup of 60%, what would be the retail price for a childs hanbok with a wholesale price of $117.45?\nbuild your skills\n8. what would you have to pay for a jacket that is listed at $99.95 if you live in nunavut, where the only tax is 5% gst?\n9. find the total cost of a washing machine that is being sold for $944.98 in saskatchewan, where pst is 6% and gst is 5%.\n12. if the markup is 125% on a certain brand of jeans that have a wholesale price of $30.00, what will the consumer pay, if gst and pst are each 5%?
Answer
Explanation:
Step1: Calculate retail price with markup
The formula for retail price $R$ with a markup percentage $m$ and wholesale price $W$ is $R = W(1 + m)$. For the hanbok in question 6, $W = 117.45$ and $m=0.6$. So $R = 117.45\times(1 + 0.6)=117.45\times1.6 = 187.92$.
Step2: Calculate price with tax for jacket
For question 8, the price of the jacket $P$ including a $5%$ GST (Good - and - Services Tax) is calculated using the formula $P = L(1 + t)$, where $L = 99.95$ is the listed price and $t = 0.05$ is the tax rate. So $P=99.95\times(1 + 0.05)=99.95\times1.05 = 104.9475\approx104.95$.
Step3: Calculate total cost with multiple taxes for washing machine
For question 9, the total cost $C$ of the washing machine in Saskatchewan with PST (Provincial Sales Tax) of $6%$ and GST of $5%$ is calculated using the formula $C = S(1 + t_{1}+t_{2})$, where $S = 944.98$ is the selling price, $t_{1}=0.06$ is the PST rate and $t_{2}=0.05$ is the GST rate. So $C = 944.98\times(1 + 0.06+0.05)=944.98\times1.11 = 1048.9278\approx1048.93$.
Step4: Calculate final price for jeans
First, find the retail price of the jeans. Given a wholesale price $W_{j}=30$ and a markup $m_{j}=1.25$, the retail price $R_{j}=W_{j}(1 + m_{j})=30\times(1 + 1.25)=30\times2.25 = 67.5$. Then, with PST and GST each at $5%$, the total tax rate $t_{total}=0.05 + 0.05=0.1$. The final price $F$ the consumer pays is $F = R_{j}(1 + t_{total})=67.5\times(1 + 0.1)=67.5\times1.1 = 74.25$.
Answer:
Question 6: $187.92$ Question 8: $104.95$ Question 9: $1048.93$ Question 12: $74.25$