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Question 1096528: When I solved this the answer just didn't seem right, so my teacher told me to do it a different way which also didn't seem right. I also don't understand why the question says selling price twice instead of mentioning a purchase price. Could you help me figure out what went wrong here? I only solved for what the shopkeep paid for the item here. Thanks!
A 70% markup on the selling price brought the selling price to $1400. What did the shopkeeper pay for the item and what was the markup?
My formula:
Selling price = purchase price + markup
1400=P+M
1400=P+0.7P
1400=1.7P
1400/1.7=P
823.5294118=P
Teacher's idea:
S=1400+1400*0.7
S=1400+980
S=2380
Answer by greenestamps(13200)   (Show Source):
You can put this solution on YOUR website!
According to the wording of the problem as you show it, your answer is right.
"A 70% markup on the selling price brought the selling price to $1400"
That wording clearly says that the selling price was $1400 AFTER the 70% markup. But it is also confusing because, as you say, it seems wrong to say that the selling price, plus some markup, equals the selling price.
So perhaps the wording of the problem is incorrect; and perhaps your teacher was working a different problem.
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