Questions from Business Mathematics

Q: Bargain Express advertises cookware sets at 40% off. Their ad

Bargain Express advertises cookware sets at 40% off. Their ad claims, “You save $102.” What are the regular and reduced selling prices for the cookware sets?

Q: Calculate the reduced selling price on an item that is marked down

Calculate the reduced selling price on an item that is marked down 55%, an amount equivalent to a discount of $358.

Q: Merchants C and D sell the same article at $69.

Merchants C and D sell the same article at $69.95 and $64.95, respectively. They both advertise that they will match the price offered by any other store on any product that they stock. 1. What discou...

Q: Morgan’s Department Store mailed out 15%-off coupons for its 20th

Morgan’s Department Store mailed out 15%-off coupons for its 20th Anniversary Sale. The coupons may be used for any products in the store. For items already on sale, the coupon applies to the sale pri...

Q: Workwear Station uses a markup on cost of 60% to establish

Workwear Station uses a markup on cost of 60% to establish its retail prices. This pricing rule builds in a profit of 25% of cost. What rate of markdown can Workwear Station offer and just break even...

Q: The maximum amount an individual can contribute to her Registered Retirement Savings

The maximum amount an individual can contribute to her Registered Retirement Savings Plan (RRSP) for a year is set from time to time by the regulations of the Income Tax Act. For the year 2020, the ma...

Q: A pharmacy marks up its springtime shipment of sunglasses to provide for

A pharmacy marks up its springtime shipment of sunglasses to provide for overhead expenses of 40% of cost and a profit of 70% of cost. At the end of the summer, what rate of markdown can the pharmacy...

Q: An item was marked up from $58.50 to $

An item was marked up from $58.50 to $95.00, then later marked down by 30% during a spring sale. Determine: 1. The original rate of markup on selling price. 2. The price during the spring sale.

Q: An item was marked up from $24.99 to $

An item was marked up from $24.99 to $49.98 before it was marked down to $24.99 and sold at cost. Determine: 1. The rate of markup on cost. 2. The rate of markdown.

Q: The manager of a home and garden store buys patio furniture sets

The manager of a home and garden store buys patio furniture sets for $580 each and marks them up by 50% of cost. In late August, he clears out remaining inventory at a 30% markdown. Determine: 1. The...