SOLUTION: Compute the requested value. Choose the correct answer. If the selling price is $75.50 and includes the cost plus 5% of the cost, then what is the cost?

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Question 210375: Compute the requested value. Choose the correct answer.
If the selling price is $75.50 and includes the cost plus 5% of the cost, then what is the cost?
Found 2 solutions by vleith, nerdybill:
Answer by vleith(2983) About Me  (Show Source):
Answer by nerdybill(7384) About Me  (Show Source):
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If the selling price is $75.50 and includes the cost plus 5% of the cost, then what is the cost?
.
Let x = cost
then
x + .05x = 75.50
x(1+.05) = 75.50
x(1.05) = 75.50
x = 75.50/1.05
x = $71.90