Question

Suppose a college bookstore buys a textbook from a publishing company and then marks up the price they paid for the book 30% and sells it to a student at the marked-up price. If the student pays $80 for the textbook, what did the bookstore pay for it? Round your answer to the nearest cent.

Answer 1

The bookstore paid $61.54 for the textbook.

Explanation:

Let x represents the amount the book cost at bookstore.

Now, According to the question the price marked up for the book is 30% of the cost, so equation will be

x+30% of x =$ 80

x+0.3x=$80

1.3x=$80

x=80/1.3

x= $61.538

Now rounding this cost to nearest cent it will be $61.54.

Answer 2

$61.54 (rounded to nearest cent, that is 61 dollars and 54 cents)

Explanation:

Let's call the cost of bookstore from publisher as
`x`

Markup of 30% means that they increased their cost price by 30%. That is equal to 80.

original price is x

30% of x is
`(30)/(100)*x=0.3x`

We add both to get the marked up price, which is
`x+0.3x=1.3x`

Equating this to 80 and solving for x gives us:

`1.3x=80\\x=(80)/(1.3)=61.54`

So the college bookstore bought from publisher at $61.54