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- Thread starter buildman
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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.
Hello, buildman!
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.
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.