Discount, markup, and commission word problems

Google Classroom

You might need:Calculator

Problem

The manager at Gabriela's Furniture Store is trying to figure out how much to charge for a book shelf that just arrived. The book shelf was bought at a wholesale price of $\$147.00$dollar sign, 147, point, 00, and Gabriela's Furniture Store marks up all furniture by $60\%$60, percent.

At what price should the manager sell the book shelf?

$\$\$dollar sign, space

Hint #11 / 5

In order to find the retail price, we must first find the amount of markup. Remember that a markup rate is a percentage of the wholesale price that a store adds to get a selling or retail price. With this knowledge, we can figure out the following equation:

markup rate $\times$times wholesale price $=$equals amount of markup

Hint #22 / 5

Since the markup rate is a percentage, we have to convert it into a decimal first. Percent means "out of one hundred," so $60\%$60, percent is equivalent to $\dfrac{60}{100}$start fraction, 60, divided by, 100, end fraction which is also equal to $60 \div 100$60, divided by, 100.

$60 \div 100 = 0.60$60, divided by, 100, equals, 0, point, 60

Hint #33 / 5

Now you have all the information you need to find the amount of markup!

$0.60$0, point, 60 $\times$times $\$147.00$dollar sign, 147, point, 00 $=$equals $\$88.20$dollar sign, 88, point, 20

Hint #44 / 5

Since the markup rate is a percentage of the wholesale price that is added to get the retail price, we can find the retail price with the following equation:

amount of markup $+$plus wholesale price $=$equals retail price

Hint #55 / 5

$\$88.20$dollar sign, 88, point, 20 $+$plus $\$147.00$dollar sign, 147, point, 00 $=$equals $\$235.20$dollar sign, 235, point, 20

The retail price of the book shelf should be $\$235.20$dollar sign, 235, point, 20.