ikea purchases a chair for a wholesale price of $287. what is the cost of the chair after a 25% markup?
ikea purchases a chair for a wholesale price of $287. what is the cost of the chair after a 25% markup?
Answer
Explanation:
Step1: Calculate the markup amount
The markup is 25% of the wholesale price. So we find 25% of 287. 25% can be written as 0.25. The markup amount $m = 0.25\times287$. $m=0.25\times287 = 71.75$
Step2: Calculate the final cost
The final cost $C$ is the sum of the wholesale price and the markup amount. So $C=287 + m$. $C=287+71.75=358.75$
Answer:
$358.75$