Question
A merchant marks a certain lamp up 30% above cost.then he gives a customer a 15% discount.if the final selling price of the lamp was $99,what was the approximate cost price?
Answers
Steve
cost * 1.30 * (1-0.15) = 99
cost = 99/1.105 = 89.59
cost = 99/1.105 = 89.59
tisha
didnt get the answer..can u explain pls??
Steve
after a 30% markup the price is cost * 1.30
After a 15% discount, the price is
cost * 1.30 * 0.85 = cost * 1.105
That price is $99, so
1.105 * cost = 99
cost = 99/1.105 = 89.59
After a 15% discount, the price is
cost * 1.30 * 0.85 = cost * 1.105
That price is $99, so
1.105 * cost = 99
cost = 99/1.105 = 89.59