The markup on a used car was at least 20% of its current wholesale price. If the car was sold for $5900, what was the maximum wholesale price? (Give your answer correct to the nearest dollar.)
20% increase
= 100% + 20%
= 1 + .02
= 1.02
The markup on a used car was at least 20% of its current wholesale price. If the car was sold for $8,400, what was the maximum wholesale price?
To find the maximum wholesale price of the used car, we need to determine the original price before the markup.
Let's assume the maximum wholesale price is W dollars.
According to the given information, the markup on the car is 20% of the wholesale price. This means that the markup amount is 20/100 * W = 0.2W dollars.
If the car was sold for $5900, this includes both the wholesale price W and the markup amount of 0.2W. Therefore, we can write the equation:
W + 0.2W = $5900
Simplifying the equation, we combine like terms:
1.2W = $5900
To find the value of W, divide both sides of the equation by 1.2:
W = $5900 / 1.2
Using a calculator, we find:
W ≈ $4916.67
Therefore, the maximum wholesale price of the used car, to the nearest dollar, is $4917.
1.2x = 5900
x = 5900/1.2 = 4916.67
or $4917 to the nearest dollar