Help Please

[buildman]

PFS Fitness bought a treadmill for $700. PFS has a 70% markup on selling price. What is the selling price of the treadmill? (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.)

 

[Deleted member 4993]

PFS Fitness bought a treadmill for $700. PFS has a 70% markup on selling price. What is the selling price of the treadmill? (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.)

What is the definition of "markup on selling price"?

If you don't know it - look up in your textbook or class notes.

Please share your work with us indicating exactly where you are stuck - so that we may know where to begin to help you.

 

[soroban]

Hello, buildman!

PFS Fitness bought a treadmill for $700.
PFS has a 70% markup on selling price.
What is the selling price of the treadmill?
Round your answer to the nearest dollar.

Recall the formula: .$\displaystyle \text{Selling Price} \;=\;\text{Cost} + \text{Markup} \quad\Rightarrow\quad S \;=\;C + M$ .[1]

We are told that: .$\displaystyle \text{Markup} \;=\;70\%\text{ of Selling Price} \quad\Rightarrow\quad M \:=\:0.70S$ .[2]

Substitute [2] into [1]: .$\displaystyle S \;=\;C + 0.70S \quad\Rightarrow\quad 0.30S \;=\;C \quad\Rightarrow\quad S \;=\;\dfrac{C}{0.30}$

We are told that $\displaystyle \text{Cost} \:=\:700.$

Therefore: .$\displaystyle S \;=\;\dfrac{700}{0.30} \;=\;2333.3333... \;\approx\; 2333$ dollars.