II. Find each percent change, and tell whether it is a percent increase or decrease.
10. A video game has a 70% markup. The wholesale cost is $9. How much is the markup, and what is the selling
1.70 * 9 = 15.30
15.30 - 9 = 6.30
or
.70*9 = 6.30
6.30 + 9 = 15.30
price?
To find the markup, we need to calculate 70% of the wholesale cost:
Markup = 70% * $9 = $6.30
So, the markup on the video game is $6.30.
To find the selling price, we need to add the markup to the wholesale cost:
Selling Price = Wholesale Cost + Markup = $9 + $6.30 = $15.30
Therefore, the selling price of the video game is $15.30.
To find the markup, we can use the formula: Markup = Wholesale Cost * Markup Percentage.
In this case, the markup percentage is 70%, or 0.70 as a decimal.
So, Markup = $9 * 0.70 = $6.30.
The markup for the video game is $6.30.
To find the selling price, we need to add the markup to the wholesale cost.
Selling Price = Wholesale Cost + Markup = $9 + $6.30 = $15.30.
Therefore, the selling price of the video game is $15.30.
To determine the percent change, we can use the formula: Percent Change = (New Value - Old Value) / Old Value * 100%.
In this case, the old value is the wholesale cost of $9, and the new value is the selling price of $15.30.
So, Percent Change = ($15.30 - $9) / $9 * 100% = $6.30 / $9 * 100% = 70%.
Since the percent change is positive 70%, it means there is a 70% increase in the selling price compared to the wholesale cost.