Question

A store buys a TV for $100. They sell it for a 70% mark-up. What is the new cost of the TV?

Answer 1

Answer:

170

Step-by-step explanation:

Since the TV is worth $100 initially but has a 70% markup, it means they increased the price by the percent markup

100 x .70 = 70

100 + 70 = $170

Answer 2

The new cost of the TV sold at this store is equal to $170.

Given the following data:

• Cost price = $100

• Markup = 70%

To determine the new cost of the TV sold at this store:

How to calculate markup price.

We would calculate the markup price by multiplying the cost price by the markup.

$Markup\;price = \frac{70}{100} \times 100\\\\Markup\;price = 0.7\times 100$

Markup price = $70

Now, we can find the new cost of the TV:

$New\;cost = Markup\;price + Cost\;price\\\\Total\;cost = 70 + 100$

Total cost = $170.

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