SOLUTION: Retail prices are obtained by marking up wholesale price by 40%. Retail price is obtained by adding 40% of the wholesale price to the wholesale price. What is the wholesale price o

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Question 1040247: Retail prices are obtained by marking up wholesale price by 40%. Retail price is obtained by adding 40% of the wholesale price to the wholesale price. What is the wholesale price of a pair of jeans, if the retail price is $77?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
[ wholesale price ] + [ 40% of wholesale price ] = [ retail price ]
Let the wholesale price of a pair of jeans = +x+
given:
+x+%2B+.4x+=+77+
+1.4x+=+77+
+x+=+55+
The wholesale price is $55
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check:
+1.4x+=+77+
+1.4%2A55+=+77+
+77+=+77+
OK