Question

the selling price of a refrigerator, is $678.30. if the markup is 5% of the dealers cost, what is the dealers cost of the refrigerator? $\square$

Explanation:

Step1: Define variables for cost

Let \( C \) = dealer's cost.

Step2: Set up selling price equation

Selling price = Cost + 5% of cost, so:
\( 678.30 = C + 0.05C \)

Step3: Combine like terms

Simplify the right-hand side:
\( 678.30 = 1.05C \)

Step4: Solve for \( C \)

Divide both sides by 1.05:
\( C = \frac{678.30}{1.05} \)

Answer:

\( 646.00 \)