Chapter 6.5, Problem 2GP

To determine

To find: Selling price.

Answer to Problem 2GP

Selling price $=$$\$58.95$

Explanation of Solution

Given information:

Cost price $=\$45$

Markup percent $=31\%$

We know

Selling price $=$ Cost price $+$ Markup

Given

Markup is $31\%$ of cost price that is $\$45$

Therefore,

Markup $=\left(\frac{31}{100}\right)\times 45$

  $\Rightarrow$ Markup $=\left(0.31\right)\times 45$

  $\Rightarrow$ Markup $=13.95$

Therefore,

Selling price $=$$\$45+\$13.95$

  $\Rightarrow$ Selling price $=$$\$58.95$