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.
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.
