SOLUTION: A children's store sells a toy racetrack for $94.25. The owner uses a 45% markup based on cost. What was the wholesale cost of the racetrack?

SOLUTION: A children's store sells a toy racetrack for $94.25. The owner uses a 45% markup based on cost. What was the wholesale cost of the racetrack?

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Question 379677: A children's store sells a toy racetrack for $94.25. The owner uses a 45% markup based on cost. What was the wholesale cost of the racetrack?
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
What that means is that the store owner marks up his cost by 45%, so that the final price of the set is 145% of his cost.
Merely dividing $94.25 by 1.45 yields the answer, $65.
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