The wholesale cost of a video game is $459.45. The original markup was 51% based on selling price. Find the final sale price after the following series of price changes: a markup of 24%, a markup of 17%, and a markdown of 10%.
(459.45)/(1-0.51)(1+.24)(1+.17)(1-.10) = 1224.31
Oh, video games sure make a good game out of price changes! Let's dive in and see what happens to the price.
First, the original markup of 51% based on the selling price. That means the selling price is set at 151% of the wholesale cost. To find the selling price after this markup, we multiply the wholesale cost by 1.51:
$459.45 * 1.51 = $693.40 (approximately)
Next up, a markup of 24%. This time, we start with the previous selling price and increase it by 24%. So, we multiply $693.40 by 1.24:
$693.40 * 1.24 = $859.58 (approximately)
Now for the second markup of 17%. We multiply the previous selling price by 1.17:
$859.58 * 1.17 = $1,005.87 (approximately)
Lastly, we have a markdown of 10%. We take the previous selling price and decrease it by 10%. To do this, we multiply $1,005.87 by 0.90:
$1,005.87 * 0.90 = $905.29 (approximately)
So, the final sale price after all these price changes is approximately $905.29.
To find the final sale price after the series of price changes, we need to calculate the selling price after each change.
Let's start with the original markup of 51% based on the selling price.
First, we can calculate the selling price after the 51% markup:
Selling Price 1 = Wholesale Cost + (Markup Percentage 1 * Selling Price 1)
Let's denote Selling Price 1 as SP1.
SP1 = $459.45 + (0.51 * SP1)
Next, we can solve this equation for SP1:
SP1 - (0.51 * SP1) = $459.45
0.49 * SP1 = $459.45
SP1 = $459.45 / 0.49
SP1 ≈ $937.65
Now, let's calculate the selling price after the next markup of 24%:
Selling Price 2 = SP1 + (Markup Percentage 2 * SP1)
Let's denote Selling Price 2 as SP2.
SP2 = $937.65 + (0.24 * $937.65)
SP2 = $937.65 + $225.04
SP2 ≈ $1162.69
Finally, let's calculate the selling price after the markdown of 10%:
Selling Price 3 = SP2 - (Markdown Percentage * SP2)
Let's denote Selling Price 3 as SP3.
SP3 = $1162.69 - (0.10 * $1162.69)
SP3 = $1162.69 - $116.27
SP3 ≈ $1046.42
Therefore, the final sale price after the series of price changes is approximately $1046.42.
To find the final sale price after the series of price changes, we need to apply each change one by one.
1. Start with the wholesale cost: $459.45.
2. Apply the first markup of 24%:
Markup = (24/100) * Wholesale cost
= (24/100) * $459.45
= $110.27
Selling Price after first markup = Wholesale cost + Markup
= $459.45 + $110.27
= $569.72
3. Apply the second markup of 17%:
Markup = (17/100) * Selling Price after first markup
= (17/100) * $569.72
= $96.86
Selling Price after second markup = Selling Price after first markup + Markup
= $569.72 + $96.86
= $666.58
4. Apply the markdown of 10%:
Markdown = (10/100) * Selling Price after second markup
= (10/100) * $666.58
= $66.66
Final Sale Price = Selling Price after second markup - Markdown
= $666.58 - $66.66
= $599.92
The final sale price after the series of price changes is $599.92.