this month, quincy buys honey at a price of $8.80 per pound. he sells the honey at a 25% markup. what is the…

this month, quincy buys honey at a price of $8.80 per pound. he sells the honey at a 25% markup. what is the selling price for a pound of honey? what is the markup on the honey? selling price % $ buying price markup % 25 % $ 8.80 $ ?

this month, quincy buys honey at a price of $8.80 per pound. he sells the honey at a 25% markup. what is the selling price for a pound of honey? what is the markup on the honey? selling price % $ buying price markup % 25 % $ 8.80 $ ?

Answer

Explanation:

Step1: Calculate the markup amount

The markup is 25% of the buying - price. The formula for finding a percentage of a number is $Markup = \text{Percentage}\times\text{Buying Price}$. Given the buying price is $8.80 and the percentage is 25% or 0.25 in decimal form. So, $Markup=0.25\times8.80 = 2.2$.

Step2: Calculate the selling price

The selling price is the sum of the buying price and the markup. The formula is $Selling\ Price=\text{Buying Price}+\text{Markup}$. Substituting the values, we get $Selling\ Price = 8.80+2.2=11$.

Answer:

Markup: $2.2 Selling Price: $11