a carpet store sells designer rugs at retail for $821.43. if a 50% markup based on cost is added, what is…
a carpet store sells designer rugs at retail for $821.43. if a 50% markup based on cost is added, what is the cost (in $) of the designer rug?
Answer
Explanation:
Step1: Let the cost be $x$.
The retail price is the cost plus 50% of the cost. So the retail - price formula is $x + 0.5x=1.5x$.
Step2: Set up the equation.
We know that the retail price is $821.43$, so $1.5x = 821.43$.
Step3: Solve for $x$.
Divide both sides of the equation by 1.5: $x=\frac{821.43}{1.5}$. $x = 547.62$
Answer:
$547.62$