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Ace Hardware purchased 15 shovels from Skill Company for $7.00 each. Ace's markup is 33% on selling price. What should Ace charge for the shovels? (Round to hundredths.)

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  1. Today, 00:16
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    The correct answer is $9.31

    Explanation:

    Margin = Gross profit / cost

    33% = x / $7.00

    Gross profit = $7.00 * 0.33 = $2.31

    Selling price = $7.00 + $2.31 = $9.31

    Ace Hardware should charge $9.31
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