Question

What is the selling price of a $270 bicycle with a 24% markup?

Answer 1

$334.80

Explanation:

A markup is basically an addition to the price by a certain amount. That amount is calculated by a given percentage of the normal price of the item.

So in this case, let's say the store bought the bike for $270, but they want to make the customers pay 24% more than the amount that the store paid for it. Therefore, what you need to do to calculate that amount is to:
1) Make 24% as a decimal, which is 0.24.
2) Add 1.0 to 0.24 because it's a mark up to make it 1.24.
3) Multiply 1.24 with $270 = $334.80.