the selling price of a refrigerator, is $501.25. if the markup is 25% of the dealers cost, what is the…
the selling price of a refrigerator, is $501.25. if the markup is 25% of the dealers cost, what is the dealers cost of the refrigerator?
Answer
Explanation:
Step1: Let dealer's cost be $x$.
The selling price is the dealer's cost plus the markup. The markup is 25% of the dealer's cost, so the selling price $S = x+0.25x=1.25x$.
Step2: Solve for $x$.
We know $S = 501.25$, and $S = 1.25x$. So $x=\frac{501.25}{1.25}$. $x = 401$
Answer:
$401$