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

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? $\\square$

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? $\\square$

Answer

Explanation:

Step1: Define variables for cost

Let ( C ) = dealer's cost.

Step2: Set up selling price equation

Selling price = Cost + 5% of cost: ( 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