Business Math

A furniture store sells recliners at a 70% mark-up (based on price). If the recliner costs the store $240, what price will they charge?

Formula:

%Markup on cost=%markup on selling price/100% - % markup on selling price

x = 70%/100%-70%
x = 70%/30%
x = 233.333%

cost $240 x (233.33%) = $800

???????????????
Does this seem right?

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  1. This is a simple question, why are you making it so complicated?

    Cost to store = 240
    markup = 70%
    so markup = .7(240) = 168
    so selling price = 408

    or in one step ....

    selling price = 1.7(240) = 408

    (you have a 133.3% markup)

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  2. It says the mark up is based on price not cost so i believe that Reiny's answer is wrong because her answer is based on cost not price.

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  3. Cost + Mark-up = Price
    cost=$240, mark-up=.7S, price=S
    $240+.7S=S
    $240=.3S
    S=$800

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  4. $800

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