Chapter 6.5, Problem 12IP

To determine

To find: Selling price.

Answer to Problem 12IP

Selling price $=$$\$33$

Explanation of Solution

Given information:

Cost price $=\$25$

Markup percent $=32\%$

We know

Selling price $=$ Cost price $+$ Markup

Given

Markup is $32\%$ of cost price that is $\$25$

Therefore,

Markup $=\left(\frac{32}{100}\right)\times 25$

  $\Rightarrow$ Markup $=\left(0.32\right)\times 25$

  $\Rightarrow$ Markup $=8$

Therefore,

Selling price $=$$\$25+\$8$

  $\Rightarrow$ Selling price $=$$\$33$