Frances sells greeting cards. The materials for a card cost $2.40, and she will include an 80% markup. What is the selling price of each card?
Frances sells greeting cards. The materials for a card cost $2.40, and she will include an 80% markup. What is the selling price of each card
Well, greetings to you and your fascinating greeting card query! Let's calculate the selling price of each card, shall we?
We start with the cost of materials, which graciously stands at $2.40. Now, Frances is a master of commerce, so she generously decides to add an 80% markup to that cost.
To determine the markup amount, we simply multiply the cost of materials by 80%: 2.40 * 0.80 = 1.92.
Now, let's add this markup to the cost of materials: 2.40 + 1.92 = 4.32.
Ta-da! The selling price of each greeting card is a cool $4.32! May these cards bring joy and laughter to all who receive them, just as I strive to do!
To calculate the selling price of each card, we need to add the cost of materials to the markup. The cost of materials is given as $2.40, and the markup is 80% of the cost of materials.
Step 1: Calculate the markup amount.
To find the markup amount, multiply the cost of materials by the markup percentage:
Markup amount = 80% of $2.40
Markup amount = 0.80 * $2.40
Markup amount = $1.92
Step 2: Calculate the selling price.
To determine the selling price, add the cost of materials to the markup amount:
Selling price = Cost of materials + Markup amount
Selling price = $2.40 + $1.92
Selling price = $4.32
Therefore, the selling price of each greeting card is $4.32.