Example Question - selling price calculation
Here are examples of questions we've helped users solve.
Calculating Profit, Selling Price, and Discount on Handbags
To solve this question, we first need to calculate the cost price of the handbags, then determine the selling price that would result in a 24% profit, and finally apply the discount to find out the price that should be marked on the label. The cost price (CP) is given as R172.00. Next, we calculate the selling price (SP) for a 24% profit. Profit is calculated by the formula: Profit = SP - CP We know the Profit should be 24% of CP. So, the equation for profit becomes: 0.24 * CP = SP - CP Now, let's insert the value of CP (R172.00) into this equation: 0.24 * 172 = SP - 172 Solving for SP gives us: 41.28 = SP - 172 SP = 172 + 41.28 SP = 213.28 This is the price before discount at which the merchant should sell the handbags to gain a 24% profit. However, the merchant wants to offer a 14% discount on this selling price. Discount is calculated by the formula: Discounted Price = Original Price - (Discount Percentage * Original Price) Let's apply the 14% discount to the SP of R213.28: Discounted Price = 213.28 - (0.14 * 213.28) Calculating the discount amount gives us: Discount Amount = 0.14 * 213.28 Discount Amount = 29.8592 Now we can determine the discounted price to be marked on the label: Discounted Price = 213.28 - 29.8592 Discounted Price = 183.4208 Since the listed choices are rounded to two decimal places, the price that should be marked on the label is R183.42. Hence, the correct answer is: a. R183.42
Calculating Selling Price with a 35% Mark-Up
The question is asking for the selling price of an item if it is marked up by 35% from the cost price. The cost price of the item is $125. To mark up the item by 35% of the cost price, you calculate 35% of $125 and then add it to the original cost price. 35% of $125 is calculated as follows: (35/100) × $125 = 0.35 × $125 = $43.75 Now, add this mark-up to the original cost price to get the selling price: Selling price = Cost price + Mark-up Selling price = $125 + $43.75 Selling price = $168.75 So, the selling price of the item is $168.75.
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