the selling price of a refrigerator is $616.00. if the markup is 10% of the dealers cost, what is the…
the selling price of a refrigerator is $616.00. if the markup is 10% 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 10% of the dealer's cost, so the selling price $S = x+0.1x=1.1x$.
Step2: Solve for $x$.
We know $S = 616$, and $S = 1.1x$. So $x=\frac{616}{1.1}$.
Step3: Calculate the value of $x$.
$x = 560$.
Answer:
$560$