Business Math
posted by Amelia on .
A furniture store sells recliners at a 70% markup (based on price). If the recliner costs the store $240, what price will they charge?

1.70 x $240 = ____

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? 
gvvv