Question

The selling price of a refrigerator is $487.20. If the mark up is 5% of the dealers cost what is the dealers cost of the refrigerator

Answer 1

• $464

Explanation:

Let the cos be x, then selling price is:

• x + 5% =
• x*1.05 =
• 1.05x

We have the selling price $487.20

• 1.05x = 487.20
• x = 487.20/1.05
• x = 464

Cost price is $464