SOLUTION: I am trying to figure out a sales math question. How do I calculate how to price a retail item that costs $29.88 for a company to buy and I want my cost of goods to be 18% on that

Question 699826: I am trying to figure out a sales math question. How do I calculate how to price a retail item that costs $29.88 for a company to buy and I want my cost of goods to be 18% on that selling price. How do I figure out how to price that item so there is an 18% cost?
I would really appreciate your help. It's got me stumped. This question is from my sons pretest and I am unsure of how to help him.
Thanks,
Cody Newton
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
The item costs the company
Let the selling price =
You want the cost to be 18% of the selling price, so

Selling price =
Selling price =
Taking what you say literally, this is
what I get. To check

Hope I got it

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