We need to find the selling price of a magazine. We know that the store pays $3 for it, and the markup is 5%.
So, we need to add 5% of the initial price to that initial price.
First, let's find:
[tex]5\%\text{ of }\$3=5\%\cdot\$3=\frac{5}{100}\cdot\$3=\frac{\$15}{100}=\$0.15[/tex]
Now, adding the previous result to the initial price, we obtain:
[tex]\$3+\$0.15=\$3.15[/tex]
Therefore, the selling price is $3.15.
