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Cecil Green sells golf hats. He knows that most people will not pay more than $23 for a golf hat. Cecil needs a 39% markup on cost. What should Cecil pay for his golf hats? (Round your answer to the nearest cent.)

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Answer: $16.55

Explanation:

People will not pay more than $23 for a golf hat but Mr. Green still needs to add a 39% markup on cost.

Assume the price Mr. Green sells at is $23. His cost to get one hat should be denoted as x:

23 = x + (x * 39%)

23 = x + 0.39x

23 = 1.39x

x = 23/1.39

x = $16.55