an appliance dealer marks up refrigerators 20% (based on cost). If the cost of one model is $1,100, what should its selling price be
1100 X .2 =C
C +1100= ANSWER
1100*1.2
110+110=220
1100
+ 220
1320=cost of the appliance
To calculate the selling price, you need to apply the markup percentage to the cost of the refrigerator.
First, calculate the markup amount. Multiply the cost by the markup percentage expressed as a decimal: markup = cost * markup percentage = $1,100 * 0.20 = $220.
Next, add the markup amount to the cost to obtain the selling price: selling price = cost + markup = $1,100 + $220 = $1,320.
Therefore, the selling price of the refrigerator should be $1,320.