SOLUTION: A stereo store marks up each item it sells 60% above wholesale price. What is the wholesale price on a cassete player that retails at $144

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Question 9478: A stereo store marks up each item it sells 60% above wholesale price. What is the wholesale price on a cassete player that retails at $144
Answer by rapaljer(3742) About Me  (Show Source):
You can put this solution on YOUR website!
I'm going to have to disagree on this one too!
Retail price = wholesale price + markup, where markup is .60* wholesale price
Retail = Wholesale + .6 wholesale = 1.6 wholesale

Let x = wholesale price

Equation is:
Retail = 1.6 wholesale
$ 144 = 1.6 x

Divide both sides by 1.6,
x = 144%2F1.6
x = $90 Wholesale price

Check
Begin with $90, calculate the 60% markup, which is 90*.6 or $54.

Total retail price = 90 + 54 = $144

R^2 at SCC