Chapter 6.5, Problem 23IP

To determine

To find: Selling price.

Answer to Problem 23IP

Selling price $=$$\$19.95$

Explanation of Solution

Given information:

Cost price $=\$15$

Markup percent $=33\%$

We know

Selling price $=$ Cost price $+$ Markup

Given

Markup is $33\%$ of cost price that is $\$15$

Therefore,

Markup $=\left(\frac{33}{100}\right)\times 15$

  $\Rightarrow$ Markup $=\left(0.33\right)\times 15$

  $\Rightarrow$ Markup $=4.95$

Therefore,

Selling price $=$$\$15+\$4.95$

  $\Rightarrow$ Selling price $=$$\$19.95$