the selling price of a refrigerator, is $601.65. if the markup is 5% of the dealer’s cost, what is the…
the selling price of a refrigerator, is $601.65. if the markup is 5% of the dealer’s cost, what is the dealer’s cost of the refrigerator?
Answer
Explanation:
Step1: Let dealer's cost be $x$.
The selling - price is the sum of the dealer's cost and the markup. The markup is 5% of the dealer's cost, so the selling price $S=x + 0.05x=1.05x$.
Step2: Solve for $x$.
We know that $S = 601.65$, and $S = 1.05x$. So, $x=\frac{601.65}{1.05}$.
Step3: Calculate the value of $x$.
$x = 573$.
Answer:
$573$