A store bought 300 toys at a cost of \( \$ 24 \) each. The store sold all the toys at a percent markup of \( 25 \% \). Find the total selling price. The total selling price is \( \$ 9,000 \). (Round to the nearest dollar as needed.)
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Beyond the Answer
First, let’s calculate the total cost of the toys. If the store bought 300 toys at \( \$ 24 \) each, the total cost is \( 300 \times 24 = \$ 7,200 \). Now, applying a 25% markup on the selling price means calculating \( 24 \times 1.25 = \$ 30 \) per toy. Therefore, with 300 toys sold at this price, the total selling price is \( 300 \times 30 = \$ 9,000 \). Now, in the retail world, markups help cover expenses and generate profits. Retailers often use percentages to set prices, turning simple math into a strategic game of chess where understanding costs play a pivotal role. Ultimately, knowing your markup can not only ensure you cover all costs but also give your business the profit boost it needs to thrive!