A retailer bought goods worth $55 each. She added a mark-up of 25% and then 10% GST on top of this to calculate her selling price.What was the final price, correct to the nearest cent?
Question
A retailer bought goods worth $55 each. She added a mark-up of 25% and then 10% GST on top of this to calculate her selling price.What was the final price, correct to the nearest cent?
Solution
Step 1: Calculate the markup price
The retailer added a markup of 25% to the cost price of the goods.
So, the markup price = cost price + 25% of cost price = 55 = 13.75 = $68.75
Step 2: Calculate the GST
Then, she added 10% GST to the markup price.
So, the GST = 10% of markup price = 10/100 * 6.875
Step 3: Calculate the final price
The final price = markup price + GST = 6.875 = $75.625
Rounding to the nearest cent, the final price is $75.63.
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