The Soft Step Floor Company purchases carpeting for $ 5.12 per square yard and marks it up 55% based on the selling price. What is the selling price per square yard?
$5.12 plus 55%= $7.94 price per square yard.(rounded up)
5.12 x .55= 2.816
2.816 + 5.12= 7.94
To find the selling price per square yard, we need to add the markup to the cost price.
First, let's calculate the markup amount. The markup is calculated as a percentage of the selling price. In this case, the markup is 55% based on the selling price.
To calculate the markup amount, we need to find 55% of the selling price. We can do this by multiplying the cost price by 55%:
Markup amount = Cost price * 55%
The cost price is given as $5.12 per square yard.
Markup amount = $5.12 * 55%
Now, let's calculate the markup amount:
Markup amount = $5.12 * 0.55
Markup amount = $2.816
Next, we add the markup amount to the cost price to find the selling price per square yard:
Selling price = Cost price + Markup amount
Selling price = $5.12 + $2.816
Selling price = $7.936
Therefore, the selling price per square yard is $7.936.