If the wholesale price of an item is $250 and the markup is 20%, find the retail price of the item. Please explain. Thank you.
2 answers:
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Answer/Step-by-step explanation:
✍️Slope of the line using two points, (2, 2) and (6, 10),
✍️To find the equation of the line in slope-intercept form, we need to find the y-intercept (b).
Substitute x = 2, y = 2, and m = 2 in y = mx + b, and solve for b.
2 = (2)(2) + b
2 = 4 + b
2 - 4 = b
-2 = b
b = -2
Substitute m = 2 and b = -2 in y = mx + b.
✅The equation would be:
✍️To find the value of a, plug in (a, 8) as (x, y) into the equation of the line.
Add 2 to both sides
Divide both sides by 2
a = 5
✍️To find the value of b, plug in (4, b) as (x, y) into the equation of the line.