SOLUTION: A television set costing $950 was marked up by 60% of the selling price. During a sale, the item was reduced to $1,662.50. What was the rate of markdown during the sale?

Question 1115986:
A television set costing $950 was marked up by 60% of the selling price. During a sale, the item was reduced to $1,662.50. What was the rate of markdown during the sale?
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
A television set costing $950 was marked up by 60% of the selling price.
let x = the selling price
x = 950 + .6x
x - .6x = 950
.4x = 950
x = 950/.4
x = $2375 is the selling price
During a sale, the item was reduced to $1,662.50.
2375 - 1662.5 = 712.50 amt marked down
What was the rate of markdown during the sale?
712.5/2375 * 100 = 30% marked down
RELATED QUESTIONS
A baseball glove costing $39.50 in March was marked up by 200% of the cost. In the... (answered by rfer)

plzzz sove this..... An item that costs a retailer $60.00 is normally sold for $98.... (answered by josmiceli)

A television set priced at $400.00 was reduced 23% during a weekend sale. In addition... (answered by checkley79)

In a store, a $100 item was marked down by 20% for a sale. After the sale, the... (answered by Theo)

A computer was sold during a sale for $ 354.97 . What is the regular selling price... (answered by MathLover1,greenestamps)

a tv set is marked down $72, to be placed on sale. If this is a 4% decrease from the... (answered by Alan3354)

A pair of shoes on sale is labelled 20% off the marked price. If the shoes were priced at (answered by rfer)

Question 1109914: 1. The Cellphone Company buys iPhones at PhP24,000. Expenses are set at (answered by CPhill)

1. The Cellphone Company buys iPhones at PhP24,000. Expenses are set at 17% of the... (answered by Lightning_Fast)