The retail price of a pair of skis consists of the wholesale cost to the retailer plus the retailer's markup. If skis retailing for $712 are marked up by 60% of the wholesale cost, what is that wholesale cost?
1.6x = 712
$115
472.2
the answer is wrong.
To find the wholesale cost, we first need to determine the retailer's markup.
The markup is given as 60% of the wholesale cost. Let's assume the wholesale cost is represented by "X".
So, the markup is 0.6 * X.
The retail price of the skis is the wholesale cost plus the retailer's markup, which is $712.
Therefore, the equation can be written as:
X + 0.6X = $712
Combining like terms:
1.6X = $712
Next, we need to solve for X by dividing both sides of the equation by 1.6:
X = $712 / 1.6
Using a calculator, we can determine the value of X:
X = $445
Therefore, the wholesale cost of the skis is $445.