Suppose a college bookstore buys a textbook from a publishing company and then marks up the price they paid for the book 33% and sells it to a student at the marked-up price. If the student pays $75.00 for the textbook, what did the bookstore pay for it? Round your answer to the nearest cent.
1.33x = 75
x = ?
the marked-up price (m), is 33% more than the publisher's price (p)
m = p + .33 p ... 75 = 1.33 p
Solve the given equation. (Round your answers to two decimal places.)
(a)
ln(x) = 4.2 + ln(7.2)
To determine what the bookstore paid for the textbook, we can start by dividing the selling price by the markup percentage plus 100%.
Let's break down the steps:
1. Convert the markup percentage to a decimal by dividing it by 100. In this case, the markup percentage is 33%, so it is 33/100 = 0.33.
2. Add 1 to the markup decimal (1 + 0.33 = 1.33).
3. Divide the selling price by the sum calculated in step 2 to find the original price: $75.00 / 1.33 = $56.39 (rounded to the nearest cent).
Therefore, the bookstore paid approximately $56.39 for the textbook.