Question

Chang bought a bumper marked up 15.2% based on selling price at a local auto shop. If the markup is $39.91, find the selling price and the cost. Round to the nearest cent or tenth of a percent.

Answer 1

Answer:

cost price = $262.57

selling price = $302.48

Explanation:

The selling price is

Selling price = cost + markup

We know that markup is 15.2% of the cost price. Since the markup is $39.91,

$\frac{15.2}{100}(\text{cost price)=39.91}$$0.152(\text{cost price) =39.91}$

dividing both sides by 0.152 gives

$\text{cost price}=\frac{39.91}{0.152}$$\boxed{\text{cost price}=\ 262.57.}$

The selling price is

cost price + 15.2% of the cost price

= (100% + 15.2%) cost price

=115.2% cost price

Now, 115.2% of the cost price is

$\frac{115.2\%}{100\%}(262.57)$$=1.152(262.57)$$=\ 302.48$

Hence the selling price is $302.48.

Therefore, to summerise,

cost price = $262.57

selling price = $302.48