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24 November, 16:16

A music store bought a CD set at a cost of $20. When the store sold the CD set, the percent markup was 40%. Find the selling price.

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Answers (2)
  1. 24 November, 16:20
    0
    Selling price = $28

    Step-by-step explanation:

    Cost price = $20

    Selling price = ?

    Percent markup = 40%.

    Percentage markup is the difference between a products selling price and cost as a percentage to the cost.

    % mark up = (selling price - cost price) / (cost price) * 100

    [ (Selling price - 20) / 20 ] * 100 = 40

    40 / 100 = (selling price - 20) / 20

    0.4 * 20 = selling price - 20

    8 = selling price - 20

    Selling price = $ (8 + 20)

    Selling price = $28.

    The selling price was $28
  2. 24 November, 16:29
    0
    Answer: The selling price is $28

    Step-by-step explanation: If the CD set was bought at the cost of $20 and sold at a selling price of $20 plus 40% (or 0.4), then we should start by calculating the value of 40% of the cost price, which would then be added to the cost price to arrive at the selling price.

    The calculation is as follows;

    Mark up = 20 x 0.4

    Mark up = 8

    Selling price = Cost price + Mark up

    Selling price = 20 + 8

    Selling price = 28

    Therefore the selling price is $28
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