A store marks up items 42.5% to allow for profit. If an item costs a store $24.40, what will its selling price be?
Fairly simple math.
All you have to do is multiply 1.425 times 24.4, which gets you $34.77.
Remember, when working with percents, always move the decimal two spaces to the left. For example, one hundred percent would be used as 1.0
Also, use logic when solving the problem. If the item costs $24.40, then the item cannot be worth less than that.
Another way to look at it:
If the item markeup is 42.5, you know the value is 42.5% higher. Which is just shy of 50%, so the markup has to be close to half of 24, so you know the value should be less than 36, but close to it.
FINALLY!
If you can't figure it out, use trial and error til you get an answer that looks good! It really works!
If you multiple .425 times 24.4, you'll get 10.37, which is far too low. But that's how much value the item has GAINED. So all you have to do is add that to the item's original value, and there you have it, the right answer!
Yes the answer is 34.77 but some people are stupid and do it the wrong way exaple 1 Houdini does it the really boring way go with mine multiply 24.40 by .425, then add 10.37 to 24.40 and wala you get 34.77
To find the selling price of an item with a markup, you can use the following steps:
Step 1: Calculate the markup amount
Multiply the cost of the item by the markup percentage (in decimal form) to find the markup amount.
Markup amount = Cost of item × Markup percentage
Markup amount = $24.40 × 0.425
Markup amount = $10.37 (rounded to two decimal places)
Step 2: Calculate the selling price
Add the markup amount to the cost of the item to find the selling price.
Selling price = Cost of item + Markup amount
Selling price = $24.40 + $10.37
Selling price = $34.77
Therefore, the selling price of the item would be $34.77.