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EXAMPLE 2 Finding a Retail Price Clothing A shirt has a wholesale price of $16. The percent markup is 120%. What is the retail price? SOLUTION STEP 1 Find.

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Presentation on theme: "EXAMPLE 2 Finding a Retail Price Clothing A shirt has a wholesale price of $16. The percent markup is 120%. What is the retail price? SOLUTION STEP 1 Find."— Presentation transcript:

1 EXAMPLE 2 Finding a Retail Price Clothing A shirt has a wholesale price of $16. The percent markup is 120%. What is the retail price? SOLUTION STEP 1 Find the amount of the markup. Markup 120% of $16 = 1.2(16) = 19.2 = Write 120% as a decimal. Multiply.

2 EXAMPLE 2 Add the markup to the wholesale price. STEP 2 16 + 19.235.2 = The retail price of the shirt is $35.20. ANSWER Finding a Retail Price

3 EXAMPLE 3 A portable CD player costs $48 before tax. The sales tax is 4.5%. What is the total cost? CD Player SOLUTION STEP 1Find the amount of the sales tax. 4.5% of $48 = 0.045(48) = 2.16 STEP 2 Add the sales tax to the price of the portable CD player. 2.16 +48= 50.16 Finding a Retail Price

4 EXAMPLE 3 ANSWER The total cost of the CD player is $50.16. Finding a Retail Price

5 GUIDED PRACTICE for Examples 2 and 3 Find the retail price. 5. Wholesale price: $64 Percent markup: 85% The retail price is $118.40. ANSWER

6 GUIDED PRACTICE for Examples 2 and 3 Find the retail price. 6. Wholesale price: $35 Percent markup: 110% The retail price is $73.50. ANSWER

7 GUIDED PRACTICE for Examples 2 and 3 Find the total cost. Round to the nearest cent 7. Price: $8.90 Sales tax: 5% The total cost is $9.35. ANSWER

8 GUIDED PRACTICE for Examples 2 and 3 Find the total cost. Round to the nearest cent 8. Price: $54.07 Sales tax: 7% The total cost is $57.85. ANSWER


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