Johnny Mac's Sporting Goods bought a baseball glove from Rawlings Sporting Goods for $66.00. They
want to mark up the glove 70% on selling price. What should Johnny's sell the glove for?
A. $113.22
B. $179.82
C. $246.42
D. $220.00
Help my answer is wrong I came up with 112.20
66x.70%=46.20+66.00=112.20
I get the same answer you do.
However, online, “*” is used to indicate multiplication to avoid confusion with “x” as an unknown. Also 70% ≠ .70%.
1.7 * 66 = 112.20
To calculate the price Johnny Mac's Sporting Goods should sell the baseball glove for, you need to use the formula:
Selling Price = Cost Price + Markup
The markup is given as 70% on the selling price. To calculate the selling price, you need to first calculate the markup amount and then add it to the cost price.
Markup amount = 70% of Selling Price (or 0.70 * Selling Price)
Selling Price = Cost Price + Markup
Substituting the values given:
Cost Price = $66.00
Let's assume the Selling Price as 'x'.
Markup amount = 0.70 * x
Selling Price = $66.00 + Markup amount
Now, we can write the equation:
x = $66.00 + 0.70 * x
To solve for x, move all the terms with 'x' on one side of the equation:
0.30 * x = $66.00
Now, divide both sides of the equation by 0.30 to solve for 'x':
x = $66.00 / 0.30
Calculating this, we get:
x = $220.00
Therefore, the correct answer is D. $220.00.