Question

A local True Value Hardware Store marks its goods up 38% on cost. If a snowblower cost True Value $400, the selling price would be:

Answer 1

$152? i don't know...

Answer 2

selling price = cost + markup
= 400 + 38% of 400
= 400 + 0.38*400
= 400 +152 = 552

so the selling price will be $552

Answer 3

QUICK PRIMER ON PERCENTS
3.6% of a number means "multiply that number by 0.036"
67% of a number means "multiply that number by 0.67"
100% of a number means "multiply that number by 1.00"
105% of a number means "multiply that number by 1.05"

So this problem is saying that the original cost of this thing was marked UP by 38%. After (AFTER) the markup, it now $400.

So as an equation that means: (ORIGINAL PRICE) + 0.38 times (ORIGINAL PRICE) = 400

We can use "P" for "original price" and have

P + 0.38P = 400
Which is just

1.38P = 400

Can you solve for P now? :)

Answer 4

OH MAN I READ IT WRONG.

I read it as saying "If True Value sells the thing at 400% AFTER markup,... how much was it worth BEFORE markup?"

Sorry 'bout that. Harkirat has it correct.

Answer 5

its ok thanks guys!!!