If I bought an item for $80 on which there was a 30% markup, what is the formula to determine the pre-markup price?

0.7x = 80

To determine the pre-markup price, you can use the formula:

Pre-markup price = Selling price / (1 + Markup percentage)

In this case, the selling price is $80, and the markup percentage is 30%. Let's substitute these values into the formula:

Pre-markup price = $80 / (1 + 0.30)

Now, let's simplify the expression:

Pre-markup price = $80 / 1.30

Dividing $80 by 1.30, we find:

Pre-markup price ≈ $61.54

Therefore, the pre-markup price of the item is approximately $61.54.