A retail store realizes a gross profit of $51.24 if it sells an article at a margin of 31% of the selling price. (Hint: Gross profit, markup, and margin all mean the same thing.) What is the regular selling price? What is the cost? What is the rate of markup based on cost? (A percentage correct to exactly 2 decimal places.) If overhead (expenses) are 21% of cost, what is the break-even price? If the article is sold at a markdown of 11%, what is the operating profit or loss?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 3SE: The Oxford Dictionary defines the word nominal asa value that is “stated or expressed but...
Question
A retail store realizes a gross profit of $51.24 if it sells an article at a margin of 31% of the selling price.
(Hint: Gross profit, markup, and margin all mean the same thing.)
What is the regular selling price?
What is the cost?
What is the rate of markup based on cost?
(A percentage correct to exactly 2 decimal places.)
If overhead (expenses) are 21% of cost, what is the break-even price?
If the article is sold at a markdown of 11%, what is the operating profit or loss?
Transcribed Image Text:A retail store realizes a gross profit of $51.24 if it sells an article at a margin of 31% of the selling price. (Hint: Gross profit, markup, and margin all mean the same thing.) What is the regular selling price? What is the cost? What is the rate of markup based on cost? (A percentage correct to exactly 2 decimal places.) If overhead (expenses) are 21% of cost, what is the break-even price? If the article is sold at a markdown of 11%, what is the operating profit or loss?
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