Answer:
Selling Price = $8.93
Step-by-step explanation:
Markup is the amount added to cost price to sell it for a greater price.
The markup formula is:
[tex]Markup \ Percentage = \frac{SP-C}{C}*100[/tex]
Where
SP is selling Price
C is cost
Given,
Markup Percentage = 155
C = 3.50
We find the sale price "SP" to be:
[tex]Markup \ Percentage = \frac{SP-C}{C}*100\\155=\frac{SP-3.5}{3.5}*100\\155=\frac{100SP-350}{3.5}\\155*3.5=100SP-350\\542.5=100SP-350\\100SP=892.5\\SP=8.925[/tex]
Rounding to nearest cent, we get:
Selling Price = $8.93
