Chapter 6.5, Problem 6GP

To determine

To find: Selling price.

Answer to Problem 6GP

Selling price $=$$\$16.2$

Explanation of Solution

Given information:

Cost price $=\$12$

Markup percent $=35\%$

We know

Selling price $=$ Cost price $+$ Markup

Given

Markup is $35\%$ of cost price that is $\$12$

Therefore,

Markup $=\left(\frac{35}{100}\right)\times 12$

  $\Rightarrow$ Markup $=\left(0.35\right)\times 12$

  $\Rightarrow$ Markup $=4.2$

Therefore,

Selling price $=$$\$12+\$4.2$

  $\Rightarrow$ Selling price $=$$\$16.2$