Cecil Green sells golf hats. He knows that most people will not pay more than $24 for a golf hat.

Question

Cecil Green sells golf hats. He knows that most people will not pay more than $24 for a golf hat. Cecil needs a 45% markup on cost. What should Cecil pay for his golf hats? (Round your answer to the nearest cent.)

Answer 1

Since he needs a 45% markup, if c is the cost he pays, his sell price would be 1.45c

Since the most people would pay is 24, 1.45c <= 24, so c <= 24/1.45 or 16.55 rounded to the nearest penny