SOLUTION: Good Stuff Retailers sells a wool sweater for $74. This retailer uses a 51% markup based on selling price for this type of merchandise. What is the dollar markup and total cost

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Question 1177284: Good Stuff Retailers sells a wool sweater for $74. This retailer uses a 51% markup based on selling price for this type of merchandise.
What is the dollar markup and total cost?
Answer by Theo(13342) About Me  (Show Source):
You can put this solution on YOUR website!
the sale price is equal to 74.
let the cost be equal to x.

the selling price is a 51% markup over the cost.
this means that 74 = x + .51 * x which becomes 74 = 1.51 * x
51% is the percent markup.
.51 is the markup rate.
rate = percent / 100.

solve for x to get x = 74 / 1.51 = 49.00662252.

the cost + .51 * cost is equal to 1.51 * cost which is equal to 49.00662252 * 1.51 which is equal to 74.

this confirms the cost has been calculated correctly.

your solution is:

the cost is 49.00662252 and the markup is equal to .51 * that = 24.99337748.

to confirm:

markup / cost = 24.99337748 / 49.99552252 = .51 = 51%.
cost plus markup = selling price becomes 49.00662252 + 24.99337748 = 74


the solution is confirmed to be good.