Answer to Question #156450 in Financial Math for Kutlo Ramaisa

Question

The manager of XYZ Furniture is trying to figure out how much to charge for a chair that just arrived. The chair was bought at a wholesale price of R3 500. XYZ Furniture marks up all furniture by 40%. At what price should the manager sell the chair?

Answer 1

buying price = R 3500 = 100%

profit = 40%

selling price = buying price + profit

= 100% + 40%

=140%

chair should be sold at 140%

=140% * R 3500

=140 * 3500/100

= R 4900