Question 1115982: Wholesale Distributors sells to its contractors with a 42% markup on cost. If the selling price for cabinets is $9,182, what is the cost to contractors based on cost? (Round your answer to the nearest cent.)
Answer by JulietG(1812)   (Show Source):
You can put this solution on YOUR website! Here's one way to figure this out:
$9,182 (retail price) = 142% of what wholesale price?
9182 = 1.42x
Divide each side by 1.42
6466.197183 = x
Rounded = $6466.20
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Let's check our work.
If Wholesale Distributors sells cabinets to its contractors for $6466.20 and the contractors mark them up by 42%, the retail cost is 6466.20*1.42 = 9182.004
Success!
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By the way, if my contractor was marking up by that margin, I'd find a new contractor!
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