Asked by Amelia
A furniture store sells recliners at a 70% mark-up (based on price). If the recliner costs the store $240, what price will they charge?
Answers
Answered by
drwls
1.70 x $240 = ____
Answered by
Amelia
That would be the answer for the markup on cost, but the 70% is a markup on selling price not cost.
Formula:
%Markup on cost=%markup on selling price/100% - % markup on selling price
x = 70%/100%-70%
x = 70%/30%
x = 233.333%
cost $240 x (233.33%) = $800
???????????????
Does this seem right?
Formula:
%Markup on cost=%markup on selling price/100% - % markup on selling price
x = 70%/100%-70%
x = 70%/30%
x = 233.333%
cost $240 x (233.33%) = $800
???????????????
Does this seem right?
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