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 - 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.
%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