Question

A store pays $942.69 for a grand father clock and marks the price up by 6%.What is the new price?

Round your answer to the nearest cent:

Answer 1

To calculate the new price after a 6% markup on the grandfather clock that costs $942.69, follow these steps:

1. Calculate the amount of the markup:
\[
\text{Markup} = \text{Original Price} \times \text{Markup Rate}
\]
\[
\text{Markup} = 942.69 \times 0.06 = 56.5614
\]

2. Add the markup to the original price to find the new price:
\[
\text{New Price} = \text{Original Price} + \text{Markup}
\]
\[
\text{New Price} = 942.69 + 56.5614 = 999.2514
\]

3. Round the new price to the nearest cent:
\[
\text{New Price} \approx 999.25
\]

Thus, the new price of the grandfather clock is **$999.25**.