Question

Jamie's parents own a hardware store. They asked Jamie to put the retail prices on an order of hammers that was just delivered. The wholesale cost of each hammer is $8.50. The store markup is 60%. What retail price will Jamie put on each hammer?

Answer 1

Answer:

Retail price of  each hammer is $ $13.60$

Step-by-step explanation:

Given -

Whole sale cost of each hammer is   $$8.50$

Whole sale price means the discounted price of each hammer at the time of purchase.

Retails price is the selling price marked on each hammer which is marked up by $60$ % on the whole sale price

As we know that

Marking up the price of any commodity by X % above its retails price means charging a price X% higher than the cost of the good or service

Retail price of one hammer

(Whole sale price of one + $60$ % $*$ Whole sale price of one hammer)

Substituting the given values in above equation, we get-

$8.50 + \frac{60}{100} * 8.50\\= 8.50 + 0.60 * 8.50\\= 13.6$

Retail price of  each hammer is $ $13.60$