Asked by Heyhi
                Jose’, store manager for SportsHaven, does not know how to price a GE freezer that cost the store $580. Jose’ knows his boss wants a 25% markup on selling price. How much should Jose’ price the freezer?
            
            
        Answers
                    Answered by
            Ms. Sue
            
    580 * 1.25 = $___________________
    
                    Answered by
            Heyhi
            
    Thanks. Also, what can we do if they said 25% markup on cost instead of selling price?
    
                    Answered by
            Reiny
            
    Ms Sue actually found the markup based on the cost price
to find the markup based on the selling price, let the selling price be x
profit = x-580
and (x-580)/x = .25 = 1/4
4x - 2320 = x
3x = 2320
x = 773.33
check: the profit = 773.33-580 =193.33
rate based on SP = 193.33/773.33 = .25
    
to find the markup based on the selling price, let the selling price be x
profit = x-580
and (x-580)/x = .25 = 1/4
4x - 2320 = x
3x = 2320
x = 773.33
check: the profit = 773.33-580 =193.33
rate based on SP = 193.33/773.33 = .25
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