Question

The cost price of an antique table is RM 5000. What is the retail (selling) price and markup if the seller wants a 20% markup based on i. Cost price ii. Retail price. Q2 Mariam's Shop purchased 90 shirts at a cost of RM20 each. The shop expects that 10% of the shirts will be sold at a reduced price of RM15 each. If the shop is to maintain a 75% markup on cost on the entire purchase, find the regular price of the shirts. Q3 Haris invested RM 10,000 in two accounts, some at 10% per annum and the rest at 7 % per annum. His total interest for one year was RM 820. Calculate the amount invested at each rate. Q4 RM 500 is invested at 12% per annum. Calculate: i. The interest at the end of a year. ii. The interest earned at the end of 5 years. Q5 The markdown percent on a TV set is 10%. If the new retail price is RM900, find the old retail price.

Answer 1

(a) The cost price of an antique table is RM 5000. What is the retail (selling) price and markup if the seller wants a 20% markup based on i. Cost price ii. Retail price.
Cost Price (Given)	$5,000.00
Retail Price = Cost + Markup Price  5000 + (20% Markup x 5000)	$6,000.00
(b)  Mariam's Shop purchased 90 shirts at a cost of RM20 each. The shop expects that 10% of the shirts will be sold at a reduced price of RM15 each. If the shop is to maintain a 75% markup on cost on the entire purchase, find the regular price of the shirts
Cost of the 90 shirts = 20 X 90 =	$  1,800.00
The shop maintains a 75% mark-up on cost. Then, R = C+ M
Retail price   = RM1800 + 0.75(1800) =	$  3,150.00
Sale of 9 shirts (10% X 90 shirts) = 15 X 9 =	$     135.00
Sale of other 81 shirts (90 – 9) =   RM3150 – RM135	$  3,015.00
Regular selling price of a shirt = 3015 ÷ 81 =	$       37.22
(c)  Haris invested RM 10,000 in two accounts, some at 10% per annum and the rest at 7 % per annum. His total interest for one year was RM 820. Calculate the amount invested at each rate.
Let X be amount invested
X + 7% X + (10000 - x ) + 10% x (10000-X) = 10000 + 820
X + 7%X + 10000 - x  + 1000  - 10%X = 10820
X + 7%X  - x  -  10%X = 10820 -10000-1000
-0.03X = -180
X = -180/-.03	$  6,000.00
At 7% amoount invested	$  6,000.00
At 10% amount invested = 10000-6000	$  4,000.00
(d RM 500 is invested at 12 % per annum. Calculate: i. The interest at the end of a year. ii. The interest earned at the end of 5 years.
a) RM500 x 12%	$       60.00
b) after 5 years = RM500 x 12% x 5 years	$     300.00
e)
The markdown percent on a TV set is 10%. If the new retail price is RM900, find the old retail price.
Let the ole price be RMK
From %MD = MD ÷ OP X 100%, we get
10% = (K – 900) ÷ K
0.1K = K – 900
K – 0.1K = 900
K = RM1000