You've just received an order of silk flower arrangements from your wholesaler. You paid $20.00 for them. Your store uses a 10% markup rate. What is the selling price of the ilk flower arrangements?
20 * 1.1 = ?
To calculate the selling price of the silk flower arrangements, you need to add the markup amount to the cost price.
Step 1: Calculate the markup amount:
Markup = Markup rate * Cost price
Markup = 10% * $20.00
Markup = 0.10 * $20.00
Markup = $2.00
Step 2: Add the markup amount to the cost price to get the selling price:
Selling price = Cost price + Markup
Selling price = $20.00 + $2.00
Selling price = $22.00
Therefore, the selling price of the silk flower arrangements is $22.00.
To find the selling price of the silk flower arrangements, we need to add the markup to the cost price.
Here's how you calculate it:
1. Start with the cost price: $20.00
2. Calculate the markup amount by multiplying the cost price by the markup rate: $20.00 * 0.10 = $2.00
3. Add the markup amount to the cost price to get the selling price: $20.00 + $2.00 = $22.00
So, the selling price of the silk flower arrangements would be $22.00.