SOLUTION: I am trying to solve for the unknown profit margin (PM) but I don't understand how to properly work the equation. Below, I have copied the equation as it is written in my text book

Question 353579: I am trying to solve for the unknown profit margin (PM) but I don't understand how to properly work the equation. Below, I have copied the equation as it is written in my text book:
.10 = PM(1.5)(.6)/ [1 - PM(1.5)(.6)
PM = .1/ .99 = 10.1%
Please advise the steps.
Thank you.
DW

Found 2 solutions by Fombitz, vleith:
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!

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Answer by vleith(2983) (Show Source): You can put this solution on YOUR website!

PM = 10.1%

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