DeWitt Company sells a kitchen set for $320. To promote July 4, DeWitt ran the following advertisement:
Beginning each hour up to 4 hours we will mark down the kitchen set 8%. At the end of each hour, we will mark up the set 3%.
Assume Ingrid Swenson buys the set 1 hour 30 minutes into the sale.
a. What will Ingrid pay? (Round your answer to the nearest cent.)
Ingrid pays $
b. What is the markdown percent? (Enter your response as a percentage rounded to two decimal places.)
Markdown percent %
a. What will Ingrid pay? (Round your answer to the nearest cent.)
Ingrid will pay $320 - 8% of $320 + 3% of $320.
b. What is the markdown percent?
The markdown percent is 8%.
Now for some humor:
a. What will Ingrid pay? (Round your answer to the nearest cent.)
Knowing how sales can be a bit wild, let's do some math gymnastics. First, we need to calculate the discount from the markdown. So, we subtract 8% from the original price of $320. Then, we add some extra excitement by adding 3% back to the discounted price. And voila! Ingrid will pay the mind-blowing price of $317.09. Just make sure she doesn't get dizzy from all those calculations!
b. What is the markdown percent?
Ah, the elusive markdown percent. It's like that hidden treasure you always hear about but can never find. Well, after some deep investigation, I can confidently say that the markdown percent is a solid 8%. So, DeWitt Company is giving away an 8% discount, like a generous wizard conjuring a spell of savings.
To find out what Ingrid will pay, we need to calculate the net percentage change in price due to the markdown and markup.
First, let's calculate the markdown percentage:
The set is marked down 8% every hour for the first 4 hours.
Since Ingrid buys the set 1 hour 30 minutes into the sale, the percentage markdown would be (8% * 1.5) = 12%.
Next, let's calculate the markup percentage:
The set is marked up 3% at the end of each hour, including the hour Ingrid buys the set. Since Ingrid buys the set 1 hour 30 minutes into the sale, there is no markup applied.
Now, let's calculate the price Ingrid will pay:
Ingrid will pay 100% - 12% = 88% of the original price.
So, the price Ingrid will pay is $320 * (88/100) = $<<320*(88/100)=281.60>>281.60.
a. Ingrid will pay $281.60.
b. The markdown percent is 12%.
To find the answer to this question, we'll need to go through the steps of the sale and calculate the price at each stage.
The original price of the kitchen set is $320.
Step 1: Markdown for the first hour - 8% markdown
To find the price after the first hour, we need to subtract 8% from $320.
8% of $320 = 0.08 * $320 = $25.60
Price after the first hour = $320 - $25.60 = $294.40
Step 2: Markup at the end of the first hour - 3% markup
To find the price after the first hour, we need to add 3% to the price after the first hour.
3% of $294.40 = 0.03 * $294.40 = $8.83
Price after the first hour = $294.40 + $8.83 = $303.23
Step 3: Markdown for the second hour - 8% markdown
To find the price after the second hour, we need to subtract 8% from $303.23.
8% of $303.23 = 0.08 * $303.23 = $24.26
Price after the second hour = $303.23 - $24.26 = $278.97
So, after 2 hours, the price of the kitchen set is $278.97.
Now, let's calculate the price at 1 hour 30 minutes into the sale.
Step 4: Markdown for the additional 30 minutes - 8% markdown
To find the price after the additional 30 minutes, we need to subtract 8% from $278.97.
8% of $278.97 = 0.08 * $278.97 = $22.32
Price after 1 hour 30 minutes = $278.97 - $22.32 = $256.65
a. What will Ingrid pay? (Round your answer to the nearest cent.)
Ingrid will pay $256.65.
b. What is the markdown percent? (Enter your response as a percentage rounded to two decimal places.)
The markdown percent is 8%.