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Homework Help: Business Math
Posted by Karla on Monday, March 10, 2014 at 8:27pm.
The Soft Step Floor Company purchases carpeting for $5.12 per square yard and marks it up 55% based on the selling price. What is the selling price per square yard? (Round to the nearest cent.)
$
5.12 * 1.55 = 7.94
Buy 2 Get one free
Bright white inkjet paper $8.99
Calculate the markdown percent. Round to the nearest cent. Answer
If the offer changed to Buy 3 Get 2 free, what would be the new markdown percent? Round to nearest tenth
11.38
To find the selling price per square yard, you can follow these steps:
1. Determine the markup percentage: The company marks up the carpeting by 55% based on the selling price. This means that the selling price is 100% + 55% = 155% of the cost price.
2. Convert the markup percentage to a decimal: Divide the markup percentage by 100, so 155% becomes 1.55.
3. Calculate the selling price per square yard: Multiply the cost price by the markup decimal. In this case, the cost price is $5.12 per square yard.
Selling price = Cost price * Markup decimal
Selling price = $5.12 * 1.55
Selling price = $7.94
Therefore, the selling price per square yard, rounded to the nearest cent, is $7.94.