Cecil Green sells golf hats. He knows that most people will not pay more than $20 for a golf hat. Cecil needs a 40% markup on cost. What should Cecil pay for his golf hats? (Round your answer to the nearest cent.) Cecil pays $
If we call the cost C then Cecil has to mark the product up 40% of C. That means he needs to charge the whole cost (100%) + 40% of the cost.
That is 140% of C. This amount needs to be $20.
In an equation we have 140% of C which can be written [tex]( \frac{140}{100} )C[/tex] set equal to $20. We solve for C which is the cost or what Cecil should pay for a hat.
