18) In October, a hardware store purchased snow shovels for $8 each. The original markup was 50% based on the selling price. In December, the store had a sale and marked down the shovels by 20%. By January 1, the sale was over and the shovels were marked up 15%. In March, the store held a clearance sale of all winter tools by having a final markdown of 60%. What was the final selling price of the shovels? (Round to the nearest cent.)

costprice = 80

after first markup, SP = 80(1.5)

after 20% mark down
= 8(1.5)(.8)

another 15% markup
= 8(1.5)(.8)(1.15)

final markdown of 60%
= 8(1.5)(.8)(1.15)(.4)
= 8(.552)
= 4.42

To find the final selling price of the shovels, we need to go step by step through the given information.

Starting with the original purchase price of $8, the hardware store applies a 50% markup based on the selling price.

To calculate the selling price after the first markup, we multiply the purchase price by 1 + the markup percentage:

Selling Price after 1st markup = $8 * (1 + 0.50) = $8 * 1.50 = $12.

In December, the store has a sale and marks down the shovels by 20%.

To calculate the selling price after the 20% markdown, we multiply the selling price after the 1st markup by 1 - the markdown percentage:

Selling Price after 20% markdown = $12 * (1 - 0.20) = $12 * 0.80 = $9.60.

By January 1, the sale is over, and the shovels are marked up 15%.

To calculate the selling price after the 15% markup, we multiply the selling price after the 20% markdown by 1 + the markup percentage:

Selling Price after 15% markup = $9.60 * (1 + 0.15) = $9.60 * 1.15 = $11.04.

Finally, in March, the store holds a clearance sale with a final markdown of 60%.

To calculate the final selling price after the 60% markdown, we multiply the selling price after the 15% markup by 1 - the markdown percentage:

Final Selling Price = $11.04 * (1 - 0.60) = $11.04 * 0.40 = $4.416.

Rounding to the nearest cent, the final selling price of the shovels is approximately $4.42.