A children's store sells a toy recetrack for $94.25 an hour. The owner uses a 45% markup based on cost. What was the wholesale cost of the racetrack?
. . . sells a toy racetrack for $94.25 an hour?
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A children's store sells a toy racetrack for $94.25 an hour. The owner uses a 45% markup based on cost. What was the wholesale cost of the racetrack
To find the wholesale cost of the racetrack, we need to reverse engineer the markup percentage applied to the cost.
Let's assume the wholesale cost of the racetrack is represented by 'x'.
According to the question, the owner uses a 45% markup based on cost. This means that the final selling price is 145% of the wholesale cost (100% of the cost plus a 45% markup).
So, we set up the equation:
145% of x = $94.25
To solve for 'x', we first convert 145% to a decimal form by dividing it by 100.
1.45 * x = $94.25
Next, we isolate 'x' by dividing both sides of the equation by 1.45.
x = $94.25 / 1.45
Evaluating the right side of the equation gives us:
x ≈ $65.00
Therefore, the wholesale cost of the racetrack is approximately $65.00.