a customer just paid $35,620 for a delivery van. if the percent markup based on cost is 30%, what was the cost?
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Let cost price be $100
Profit = 30% of $100
= 30/100 × $100
And selling price = $100 + $30 = $130; [we know, selling price = cost price + profit]
When selling price = $130, cost price = $100
When selling price = $1, cost price = $100/130
And, when selling price = $35620, cost price = $100/130 × 35620
Therefore, the cost price = $27400
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