a gift shop buys greeting cards at $3.50 each and sells them at an 80% markup. at what price does the gift…
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?
Answer
Explanation:
Step1: Calculate the markup amount
The markup is 80% of the cost price. The cost price of each card is $3.50. So the markup amount is $3.50\times0.8$. $3.50\times0.8 = 2.8$
Step2: Calculate the selling price
The selling price is the sum of the cost price and the markup amount. So it is $3.50 + 2.8$. $3.50+2.8=6.3$
Answer:
$6.3$