Find the selling price of a $16,000 SUV with a 20% markup.
1.20 * 16000 = ____
To find the selling price of the SUV with a 20% markup, you can follow these steps:
Step 1: Convert the markup percentage to a decimal:
20% = 20/100 = 0.20
Step 2: Calculate the markup amount:
Markup amount = 0.20 * $16,000
Markup amount = $3,200
Step 3: Add the markup amount to the original price to find the selling price:
Selling price = $16,000 + $3,200
Selling price = $19,200
Therefore, the selling price of the $16,000 SUV with a 20% markup is $19,200.