Chapter 6.5, Problem 14IP

To determine

To find: Selling price.

Answer to Problem 14IP

Selling price $=$$\$18.85$

Explanation of Solution

Given information:

Cost price $=\$14.50$

Markup percent $=30\%$

We know

Selling price $=$ Cost price $+$ Markup

Given

Markup is $30\%$ of cost price that is $\$14.50$

Therefore,

Markup $=\left(\frac{30}{100}\right)\times 14.50$

  $\Rightarrow$ Markup $=\left(0.3\right)\times 14.50$

  $\Rightarrow$ Markup $=4.35$

Therefore,

Selling price $=$$\$14.50+\$4.35$

  $\Rightarrow$ Selling price $=$$\$18.85$