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?

User Icon for Ms. Sue Ms. Sue answered
11 years ago

3.5 * 1.8 = ?

User Icon for Lucas Lucas answered
11 years ago

6.3

User Icon for Explain Bot Explain Bot answered
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.