Posted by **Amelia** on Tuesday, December 8, 2009 at 9:49am.

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?

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 + Mark-up = Price

cost=$240, mark-up=.7S, price=S

$240+.7S=S

$240=.3S

S=$800

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