If a product costs 10 and is marked up by 20%, what is the selling price?

Question: If a product costs 10 and is marked up by 20%, what is the selling price?

To find the selling price of a product that costs 10 and is marked up by 20%, we can use the following formula:

Selling price = Cost price + Mark up

where Cost price is the original price of the product and Mark up is the amount added to the cost price to get the selling price.

In this case, the cost price is 10 and the mark up is 20% of the cost price, which is:

Mark up = 20% x Cost price

Mark up = 20% x 10

Mark up = 2

Therefore, the selling price is:

Selling price = Cost price + Mark up

Selling price = 10 + 2

Selling price = 12

So the selling price of the product is 12.

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