Question
Find the cost of a radio that sells for
Select one:
a.
b.
c.
d.
Select one:
a.
b.
c.
d.
Ask by Daniels Bird. in the United States
Jan 24,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
The cost of the radio is $239.50.
Solution
To find the cost of the radio, you can use the following relationship:
Given:
- Selling Price = $276.45
- Markup = $36.90
Rearranging the formula to solve for Cost:
Since the options provided are to the nearest cent, the closest answer is:
c. $239.50
Answered by UpStudy AI and reviewed by a Professional Tutor
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Simplify this solution Extra Insights
To find the cost of the radio, we can subtract the markup from the selling price. The formula is:
Substituting in the values:
Rounding this off, the cost of the radio would be approximately
Did you know that the concept of markup can be traced back to commerce’s early days? Merchants historically marked up the cost of goods to cover expenses and profit. The markup percentage is a vital tool in retail, helping businesses set competitive prices while ensuring profitability.
If you’re looking to master the art of pricing, understanding markup is crucial! Try experimenting with different markup percentages on your own products or services. Start with calculating the cost price and play around with the desired profit margin to see how it affects the selling price. You’ll be surprised by how pricing strategies can influence sales success!
