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:
- Cost Price: $17
- Markup Percentage: 15% (or 0.15)
Now calculate the markup:
Next, add the markup to the cost price:
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:
- How do you calculate the markup percentage if you know the retail price?
- What would the retail price be if the markup were 20% instead of 15%?
- How do discounts affect the retail price?
- What is the profit margin if the trashcan is sold at the retail price?
- 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