The snack bar at the school purchases water bottles at a wholesale price and then marks them up for a profit. The markup is 33.5%, which is $0.28. What is the wholesale price of each water bottle?
Mathematics · College · Mon Jan 18 2021
Answered on
Given the statement:
The snack bar at the school purchases water bottles at a wholesale price and then marks them up for a profit. The markup is 33.5%, which is $0.28.
Determine the whole sale price of each water bottle.
Solution:
In order to determine the whole sale price of each water bottle, we simply need to divide the markup price by the decimal value of the percentage. First we must change first the percentage into decimal. In converting a percentage into decimal, divide the percentage by 100, hence in converting a decimal to percentage, multiply the percentage by 100.
= 33.5/100
= 0.335
= $0.28/0.335
= $0.84
Final answer:
The whole sale price of each water bottle is $0.84.