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A retailer bought a product for $80 and marked it up by 25%. What is the marked
A retailer bought a product for $80 and marked it up by 25%. What is the marked price?
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A retailer bought a product for $80 and marked it up by 25%. What is the marked price?
$100
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$110
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Markup = 25% of 80 = 20. Marked Price = Cost Price + Markup = 80 + 20 = $100.
Questions & Step-by-step Solutions
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Q
Q: A retailer bought a product for $80 and marked it up by 25%. What is the marked price?
Solution:
Markup = 25% of 80 = 20. Marked Price = Cost Price + Markup = 80 + 20 = $100.
Steps: 5
Show Steps
Step 1: Identify the cost price of the product, which is $80.
Step 2: Calculate the markup amount by finding 25% of the cost price. This is done by multiplying 80 by 0.25 (which is 25% in decimal form).
Step 3: Perform the multiplication: 80 * 0.25 = 20. This means the markup amount is $20.
Step 4: Calculate the marked price by adding the markup amount to the cost price. This is done by adding 80 (cost price) + 20 (markup) = 100.
Step 5: The marked price of the product is $100.
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