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11 May, 07:50

You are buying and reselling items found at your local thrift shop. You found an antique pitcher for sale. If you need a 22% markup on cost and know most people will not pay more than $17 for it, what is the most you can pay for the pitcher?

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  1. 11 May, 10:34
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    The maximum amount that could be paid for the antique pitcher is $13.93 as shown by the workings in the explanation section below.

    Explanation:

    Since the maximum price that could be charged for the antique pitcher is $17, the most that could be paid in purchasing it, is given by the below formula:

    selling price * 100% / (100% + Markup%)

    =$17*100% / (100%+22%)

    =$13.93

    From the foregoing analysis, the markup in dollar terms is $17-$13.93=$3.07 which represents 22% of the cost price of the antique pitcher.
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Home » Business » You are buying and reselling items found at your local thrift shop. You found an antique pitcher for sale. If you need a 22% markup on cost and know most people will not pay more than $17 for it, what is the most you can pay for the pitcher?
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