SOLUTION: Paul’s Grocery received 1,000 pounds of onions at $0.11 per pound. On the average, 5% of the onions will spoil before selling. Find the selling price per pound to obtain a markup r

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Question 944106: Paul’s Grocery received 1,000 pounds of onions at $0.11 per pound. On the average, 5% of the onions will spoil before selling. Find the selling price per pound to obtain a markup rate of 200% based on cost
Answer by josgarithmetic(39620) About Me  (Show Source):
You can put this solution on YOUR website!
Cost was 1000%2A%280.11%29=110 dollars.

The amount of onions which could be sold would be %280.95%291000=950%2Apounds.

Revenue needs to be 2%2A110=220 dollars.

Let p be the price to sell the 950 pounds of onions.
highlight_green%28950%2Apounds%2Ap%2A%28dollars%2Fpound%29=220%2Adollars%29
950p=220
p=220%2F950
p=22%2F95
highlight%28p=0.24%29, this instead of 0.23, because would rather round upward than obtain less than the specified 200% mark-up. The computation showed as 0.23158, but we count dollar money to the nearest hundredth, the penny.