a customer just paid $35,620 for a delivery van. if the percent markup based on

Algebra
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a customer just paid $35,620 for a delivery van. if the percent markup based on cost is 30%, what was the cost?

Jun 13th, 2015

Dear your question is under progress and shall be available to you in next few minutes.


Jun 13th, 2015

Let cost price be $100

Profit = 30% of $100

  = 30/100 × $100

  = $30

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

Best of Luck

Jun 13th, 2015

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