Business Math
posted by Amelia .
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?

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) 
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.

Cost + Markup = Price
cost=$240, markup=.7S, price=S
$240+.7S=S
$240=.3S
S=$800 
$800