the selling price of a refrigerator, is $790.90. if the markup is 10% of the dealer’s cost, what is the…
the selling price of a refrigerator, is $790.90. if the markup is 10% 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 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 that $S = 790.90$, and $S = 1.1x$. So, $x=\frac{790.90}{1.1}$. $x = 719$.
Answer:
$719$