SOLUTION: At Town Lighting, a light fixture is sold at a price of $382.20, including a markup of 40% of cost. (a) What is the cost of the item? (b) What is the rate of markup based on th

Algebra ->  Finance -> SOLUTION: At Town Lighting, a light fixture is sold at a price of $382.20, including a markup of 40% of cost. (a) What is the cost of the item? (b) What is the rate of markup based on th      Log On


   

Question 1127443: At Town Lighting, a light fixture is sold at a price of $382.20, including a markup of 40% of cost.
(a) What is the cost of the item?
(b) What is the rate of markup based on the selling price?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
Let +c+ = the cost of the item
+c+%2B+.4c+=+382.2+
+1.4c+=+382.2+
+c+=+273+
$273
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+382.2+-+273+=+109.2+
+109.2%2F382.2+=+.2857+
28.57%