Posted by Amelia on Tuesday, December 8, 2009 at 1:51am.
A furniture store sells recliners at a 70% markup (based on price). If the recliner costs the store $240, what price will they charge?

Business Math  drwls, Tuesday, December 8, 2009 at 6:00am
1.70 x $240 = ____

Business Math  Amelia, Tuesday, December 8, 2009 at 9:47am
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? 
Business Math  nevaejh, Monday, February 6, 2017 at 12:49pm
gvvv