SOLUTION: The selling price was $140. If the markup was 20 percent of the purchase price, what was the purchase price and what was the markup (to the nearest penny)?

SOLUTION: The selling price was $140. If the markup was 20 percent of the purchase price, what was the purchase price and what was the markup (to the nearest penny)?

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Question 1044098: The selling price was $140. If the markup was 20 percent of the purchase price, what was the purchase price and what was the markup (to the nearest penny)?
Answer by jorel555(1290) (Show Source): You can put this solution on YOUR website!
Let n be the purchase price. Then:
1.2 x n=140
n=140/1.2=$116.67 purchase price
140-116.67=$23.33 markup amount. ☺☺☺☺
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