The Retail Price of a Sweater Is $75, and the Initial

question 21

Multiple Choice

The retail price of a sweater is $75, and the initial markup is 51 percent. Calculate the cost of the product.

• A) $33.75
• B) $25.71
• C) $28.50
• D) $36.75
• E) $42.85

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Definitions:

Deck

A pack of cards used in games, consisting typically of 52 pieces divided into four suits.

Addition Law

A probability law used to compute the probability of the union of two events. It is P(A ∙ B) = P(A) + P(B) − P(A ∩ B). For mutually exclusive events, P(A ∩ B) = 0; in this case the addition law reduces to P(A ∙ B) = P(A) + P(B).

Probability

The evaluation of how likely it is for an event to happen.

Independent Events

Two or more events where the occurrence of one does not affect the probability of the others occurring.