SOLUTION: I marked an item up 20% and now the new price is $150. How do I find the original price?

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Question 660507: I marked an item up 20% and now the new price is $150. How do I find the original price?
Answer by kevwill(135) About Me  (Show Source):
You can put this solution on YOUR website!
Let x be the original price of the item. Marking it up 20% is the same as adding 20% of the original price, so we have:
x+%2B+0.20%2Ax+=+150
Combining terms:
1.20%2Ax+=+150
Dividing both sides by 1.20:
%281.20%2Ax%29%2F1.20+=+150%2F1.20
x+=+125
The original price of the item was $125.