Chapter 6.5, Problem 4GP

To determine

To find: Selling price.

Answer to Problem 4GP

Selling price $=$$\$134$

Explanation of Solution

Given information:

Cost price $=\$100$

Markup percent $=34\%$

We know

Selling price $=$ Cost price $+$ Markup

Given

Markup is $34\%$ of cost price that is $\$100$

Therefore,

Markup $=\left(\frac{34}{100}\right)\times 100$

  $\Rightarrow$ Markup $=\left(0.34\right)\times 100$

  $\Rightarrow$ Markup $=34$

Therefore,

Selling price $=$$\$100+\$34$

  $\Rightarrow$ Selling price $=$$\$134$