Please help!

krisolaw

New member
Joined
Jun 5, 2005
Messages
45
This is yet another word problem and I am stumped.

A vendor sells tool chests at a flea market for $65. If she makes a profit of 30% on each unit sold what does she pay the manufacturer for each tool chest? (Hint: The retail price = wholesale price + markup)

Here is what I get
65 = x + .30(65)
65 = x + 19.50
45.50 = x

I know that this can't be correct because the book says the answer is 50, but how did they arrive at that answer? Please show me. Thanks in advance.
 
G

Guest

Guest
krisolaw said:
65 = x + .30(65)
Close. x is what is marked up 30%, so it should be 65 = x + 0.30x.
 

krisolaw

New member
Joined
Jun 5, 2005
Messages
45
Thanks! I knew it didn't look right, but I could not figure it out. It is all clear now! Thanks again. :)
 
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