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Posted by on Tuesday, December 8, 2009 at 1:51am.

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?

  • Business Math - , Tuesday, December 8, 2009 at 6:00am

    1.70 x $240 = ____

  • Business Math - , 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 - , Monday, February 6, 2017 at 12:49pm

    gvvv

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