Math Problem Statement

A store marks up their items by 15% to get the retail price. The store bought a trashcan for $17. What is the retail price?

Solution

To find the retail price of the trashcan after a 15% markup, you can use the following formula:

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

  1. Cost Price: $17
  2. Markup Percentage: 15% (or 0.15)

Now calculate the markup:

Markup=0.15×17=2.55\text{Markup} = 0.15 \times 17 = 2.55

Next, add the markup to the cost price:

Retail Price=17+2.55=19.55\text{Retail Price} = 17 + 2.55 = 19.55

Therefore, the retail price of the trashcan is $19.55.

Would you like more details or have any questions? Here are some related questions you might consider:

  1. How do you calculate the markup percentage if you know the retail price?
  2. What would the retail price be if the markup were 20% instead of 15%?
  3. How do discounts affect the retail price?
  4. What is the profit margin if the trashcan is sold at the retail price?
  5. How would you apply a markup to multiple items at different costs?

Tip: Always express the markup percentage as a decimal when performing calculations.

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Math Problem Analysis

Mathematical Concepts

Percentage
Markup
Basic Arithmetic

Formulas

Retail Price = Cost Price + (Markup Percentage × Cost Price)

Theorems

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Suitable Grade Level

Grades 5-7