The wholesale cost of a desk is $370. The original markup was 20% based on selling price. Find the final sale price after the following series of price changes: a markup of 18% and a markdown of 47%. (Round each intermediate selling price to the nearest cent.) ***Scroll down to see more***
$370 / (100% - M sp)
$370 / (100% - 20%)
$370 / 0.8 = 462.50
462.50(100% + 18%) = 545.75
545.75(100% - 47%) = 289.25
I am lost from this point
To find the final sale price after a series of price changes, we need to follow the given steps. You have already calculated the selling price after the original markup of 20% as $462.50. Now, let's continue from there.
1. To find the selling price after an additional markup of 18%, we can calculate:
Selling price = $462.50 x (100% + 18%)
Selling price = $462.50 x 1.18
Selling price = $545.75 (rounded to the nearest cent)
2. Now, we need to calculate the selling price after a markdown of 47%. To do this, we can use the following formula:
Selling price = $545.75 x (100% - 47%)
Selling price = $545.75 x 0.53
Selling price = $289.24 (rounded to the nearest cent)
Therefore, the final sale price after the series of price changes (a markup of 18% and a markdown of 47%) is approximately $289.24.