Question

The local grocery store will purchase food items and mark them up 115%. If the wholesale price of an item was $3.50, what price will the customer pay for the item?

Answer 1

Answer: $7.525

Step-by-step explanation:

A markup is an amount that is added to the cost price of an item in order to get a sell price that is used to make a profit.

Cost price= $3.50

Markup = 115% = 115/100 × 3.50

= 1.15 × 3.50

= 4.025

Selling price= Cost price + Markup

= $3.50 + $4.025

= $7.525

A customer will pay $7.525 for the item.