Determine the Menu Price for the Following

question 65

Short Answer

Determine the menu price for the following. Round to the nearest cent. The raw food price is $2.41, and the markup rate is 5/8. $_______________

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Definitions:

Future Value

The value of a current asset or amount of money at a specified date in the future, adjusted for interest or inflation.

Discounted

Reduced in price or reflecting the present value of future cash flows when taking into account the time value of money.

Present Value

The value today of a future amount of money or series of payments, adjusted for a specific return rate.