Posted by Amelia on Tuesday, December 8, 2009 at 9:49am.
A furniture store sells recliners at a 70% markup (based on price). If the recliner costs the store $240, what price will they charge?
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  Reiny, Tuesday, December 8, 2009 at 10:06am
This is a simple question, why are you making it so complicated?
Cost to store = 240
markup = 70%
so markup = .7(240) = 168
so selling price = 408
or in one step ....
selling price = 1.7(240) = 408
(you have a 133.3% markup)

Business Math  matilda, Wednesday, October 24, 2012 at 1:26am
It says the mark up is based on price not cost so i believe that Reiny's answer is wrong because her answer is based on cost not price.

Business Math  matilda, Wednesday, October 24, 2012 at 2:02am
Cost + Markup = Price
cost=$240, markup=.7S, price=S
$240+.7S=S
$240=.3S
S=$800
Answer This Question
Related Questions
 Math "Need Help Asap"!  "Find each percent of markup?" 5.)Store's cos:$26 ...
 Business Math  A furniture store sells recliners at a 70% markup (based on ...
 math  An item has a 45% markup based on selling price. What is the equivalent ...
 math  The wholesale cost of a video game is $459.45. The original markup was 51...
 math  The wholesale cost of a video game is $459.45. The original markup was 51...
 College Algebra  Deer Valley determined that the cost of these apples was 64 ...
 math(urgent)  During a Merdeka Day celebration,a furniture company marked down ...
 math  Iin October, a hard ware store purchased snow shovels fo $8 each. The ...
 Marketing Math  markup/mark down  A clothing retailer purchased a line of fall...
 math  At The Luminary, the markup on a halogen light fixture is 50% based on ...
More Related Questions