One of QR problems

[vDDmaniaC]

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I have a difficulty to understand the sentence.
What's a single percent markup equivalent to the two successive markups meaning?

A storekeeper pays$80 for a coat and sells it at a markup of 15%. Later, it is marked up an additional 10% of the selling price. Find a single percent markup equivalent to the two successive markups.

So first markup is $92 (since 80*1.15)
the second markup is 92*1.10= $101.2

Now, I am lost how to deal with these two number.

I hate when I face to words problem which makes me so nervous during the exam!

chice is
1. 21.20
2. 25
3. 26.5
4. 125
5. 126.5

 

[doc3232]

I have a difficulty to understand the sentence.
What's a single percent markup equivalent to the two successive markups meaning?

A storekeeper pays$80 for a coat and sells it at a markup of 15%. Later, it is marked up an additional 10% of the selling price. Find a single percent markup equivalent to the two successive markups.

So first markup is $92 (since 80*1.15)
the second markup is 92*1.10= $101.2

Now, I am lost how to deal with these two number.

I hate when I face to words problem which makes me so nervous during the exam!

chice is
1. 21.20
2. 25
3. 26.5
4. 125
5. 126.5

first is correct.
just do 101.2 (the final new price) minus original 80
21.20

 

[vDDmaniaC]

Thanks so much!

 

[boxdesker]

Umm... I don't know if you have the correct answer or not. If you do have the correct answer and the answer doc3232 gave is correct, then please disregard my post.

If you either don't have the correct answer or if doc3232 gave the wrong answer then hear me out...

I say the answer is "3) 26.5"

The reason is because the question is asking that: Instead of raising the price two different times (i.e. raise it 10% the first time, then raise it 15% the second time) to get the final price--by what percentage should we raise the original $80 price once so that we can get the final $101.20 price?

This question is pretty much asking by what percent do we have to increase $80 to get $101.20.

To do this, find out what percent of $80, $101.20 is. (101.20/80 = 1.265) Therefore, if we want to get 101.20, we want to raise the original by .265, or 26.5%

 

[smiley007]

I agree with boxdesker! It's asking for a percentage...and since it's been giving you markups in the % that it's marked up (i.e. 15% more than 80) instead of % that it's marked up in relation to the old price (i.e. 115% of 80), the answer should also be in the % that it's marked up 26.5% and not 126.5%.

 

[doc3232]

Umm... I don't know if you have the correct answer or not. If you do have the correct answer and the answer doc3232 gave is correct, then please disregard my post.

If you either don't have the correct answer or if doc3232 gave the wrong answer then hear me out...

I say the answer is "3) 26.5"

The reason is because the question is asking that: Instead of raising the price two different times (i.e. raise it 10% the first time, then raise it 15% the second time) to get the final price--by what percentage should we raise the original $80 price once so that we can get the final $101.20 price?

This question is pretty much asking by what percent do we have to increase $80 to get $101.20.

To do this, find out what percent of $80, $101.20 is. (101.20/80 = 1.265) Therefore, if we want to get 101.20, we want to raise the original by .265, or 26.5%

I agree with boxdesker! It's asking for a percentage...and since it's been giving you markups in the % that it's marked up (i.e. 15% more than 80) instead of % that it's marked up in relation to the old price (i.e. 115% of 80), the answer should also be in the % that it's marked up 26.5% and not 126.5%.

Fo sho, I didn't read the question well enough...
so it is about 80 to 100 (an estimate) which is 25% and we know it will be a little more than that so 26.5 is correct.

very sorry, giving out wrong answers is very confusing...

 

[vDDmaniaC]

yes, the answer was 3. 26.5. THanks for all of your support.
Since it doesn't give any explanation, I wanted to know how to solve it.
THanks