SOLUTION: Hi! I realy need some help with this problem if anyone knows how to do it. The dollar mark-up is $4.70 The percent mark-up on cost is 102.17% I need to know the cost as well

Algebra ->  Finance -> SOLUTION: Hi! I realy need some help with this problem if anyone knows how to do it. The dollar mark-up is $4.70 The percent mark-up on cost is 102.17% I need to know the cost as well      Log On


   

Question 111892This question is from textbook practica business math procedures
: Hi! I realy need some help with this problem if anyone knows how to do it.
The dollar mark-up is $4.70
The percent mark-up on cost is 102.17%
I need to know the cost as well as the selling price based on the information above and round to the nearest hundredth place.

Thanks in advance for your help! This question is from textbook practica business math procedures

Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
The dollar mark-up is $4.70
The percent mark-up on cost is 102.17%
I need to know the cost as well as the selling price based on the information above and round to the nearest hundredth place.
------------------------------
That percent markup implies that that 2.17%x = 4.70 dollars
where x is the selling price.
------------------
EQUATION:
0.0217x = 4.70 deollars
x = $216.59 is the silling price before the markup
===============
Cheers,
Stan H.