Deer Valley determined that the cost of these apples was 64 cents per pound.

Question

1. What would be the selling price per pound for the prepackaged apples using a 30% markup based on cost? A 40% markup? A 50% markup?
2. Based on the national average for apples sold on a retail basis, Deer Creek sets a target price of $1.10 per pound for the prepackaged apples. Using this selling price, compute the percent of markup based on cost for the prepackaged apples. Then, compute the percent of markup based on selling price.
Is it Selling price=.64=Markup=30%+cost

Answer 1

1. P1 = 0.64 + 0.30*0.64 =
P2 = 0.64 + 0.40*0.64 =
P3 =

2. P = 0.64 + m*0.64 = 1.10
0.64m = 1.10 - 0.64 = 0.46.
m = 0.719 = 71.9%.