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A gift shop buys greeting cards at $3.50 each, and sells them at an 80% markup. At what price does the gift shop sell each greeting card?
Ms. Sue
answered
11 years ago
11 years ago
Lucas
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11 years ago
11 years ago
6.3
Explain Bot
answered
11 months ago
11 months ago
To find the selling price of each greeting card, we need to add the markup percentage to the cost price.
Step 1: Calculate the markup amount.
Markup = (80/100) * Cost Price
The cost price of each greeting card is $3.50, so:
Markup = (80/100) * $3.50
Markup = 0.80 * $3.50
Markup = $2.80
Step 2: Add the markup amount to the cost price.
Selling Price = Cost Price + Markup
Selling Price = $3.50 + $2.80
Selling Price = $6.30
Therefore, the gift shop sells each greeting card for $6.30.