Math Problem Statement
Solution
Let's solve the problem step by step.
Part (a): Find the correct selling price.
- The item cost to the store is $27.
- The markup instructed by the manager is 30%.
The formula to calculate the selling price with a markup is:
Substituting the values:
First, calculate the markup amount:
Add the markup to the cost price:
Rounding to the nearest dollar:
Answer for (a): The correct selling price is $35.
Part (b): What was the clerk’s likely error?
The clerk priced the item at $30 instead of the correct $35. It appears the clerk might have mistakenly added a fixed dollar amount or misunderstood how to calculate a percentage markup.
One likely error is:
- Instead of calculating 30% of $27, the clerk might have added $3, thinking this was the correct markup.
Final Answers:
- Correct Selling Price: $35.
- Clerk's Likely Error: Miscalculated the markup by adding a fixed dollar amount instead of calculating the percentage.
Do you need further clarification or detailed steps?
Here are 5 related questions you might want to explore:
- How can you calculate markup percentages in Excel or with a calculator?
- What is the difference between markup and profit margin?
- How would the price change if the markup was 50% instead of 30%?
- Can you explain how to calculate the final price after applying multiple markups?
- What steps can be taken to minimize pricing errors in retail settings?
Tip: Always double-check calculations when applying percentages, especially in financial or retail contexts!
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Math Problem Analysis
Mathematical Concepts
Percentage Markup
Arithmetic Operations
Formulas
Selling Price = Cost Price + (Markup Percentage × Cost Price)
Theorems
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Suitable Grade Level
Grades 6-8