Math Problem Statement

The cost of your product is $10, you are planning a 30% mark up. what should the price of your product be?

Solution

To find the price of your product after a 30% markup, you can follow this formula:

Selling Price=Cost Price×(1+Markup Percentage)\text{Selling Price} = \text{Cost Price} \times (1 + \text{Markup Percentage})

In your case: Selling Price=10×(1+0.30)=10×1.30=13\text{Selling Price} = 10 \times (1 + 0.30) = 10 \times 1.30 = 13

Thus, the price of your product should be $13.

Would you like further details or have any other questions?

Here are 5 related questions:

  1. What if the markup was 20% instead of 30%?
  2. How do you calculate the price with a discount after markup?
  3. How does the concept of profit margin differ from markup?
  4. What formula would you use for calculating a 15% markdown?
  5. How do you find the cost price if you know the selling price and markup?

Tip: Always express percentages as decimals when performing markup calculations.

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Math Problem Analysis

Mathematical Concepts

Percentage
Markup
Basic Arithmetic

Formulas

Selling Price = Cost Price × (1 + Markup Percentage)

Theorems

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Suitable Grade Level

Grades 5-7