A gift shop buys greeting cards at $3.50 each, and sells them at an 80% markup. At what price does the gift shop sell each greeting card?
3.5 * 1.8 = ?
6.3
To find the selling price of each greeting card, we need to add the markup percentage to the cost price.
Step 1: Calculate the markup amount.
Markup = (80/100) * Cost Price
The cost price of each greeting card is $3.50, so:
Markup = (80/100) * $3.50
Markup = 0.80 * $3.50
Markup = $2.80
Step 2: Add the markup amount to the cost price.
Selling Price = Cost Price + Markup
Selling Price = $3.50 + $2.80
Selling Price = $6.30
Therefore, the gift shop sells each greeting card for $6.30.