Question

Joseph went to a store to buy an air conditioner. At that time the cost was $\$5500.$ When he went to the store again, he found that the price was marked up by $10\%.$ What is the new price of air conditioner?
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Answer 1

Given, initial price of air conditioner $=\$5500$
Markup percentage $=10\%$

Markup price $=10\%\text{of}\$5500$
$=\frac{10}{100}\times \$5500=\frac{10}{10\times 10}\times \$5500$
$=\frac{1}{10}\times \$5500$
$=\$550$

$\text{New price = Initial price + Markup price}=\$5500+\$550=\$6050$

Hence, the new price of air conditioner is $\$6050.$