SOLUTION: A markup rate of 40% was used on a basketball with a selling price of $82.60. Find the cost of the basketball

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First we have to find the equation, Let's look at what we know:
Original price 82.60
Markup 40% of 82.60
New price 82.60 + 40% of 82.6
Let's translate that into an equation
Original price + markup = new price
82.60+.40%of 82.60=price
82.60+.40(82.60)=p
82.60+33.04=p
115.64 = p
$115.64
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