Question

There was a 9% markup over last years price o jet skiing. It now cost $125 per hour. What was last years price? SHOW YOUR WORK!!!!

Answer 1

Write an equation to show the relationship of last year price, mark up, and present price
Present price is the sum of last year price and the markup price. The markup percentage shows the proportion of the markup price to the last year price. If it is written as an equation, it would be like this.
last year price + mark up price = present cost
last year price + percent mark up × last year price = present price

Input the numbers, for an instance p represents the last-year price
p + 9% p = 125
100% p + 9% p = 125
109% p = 125
1.09p = 125
p =
`(125)/(1.09)`
p = 114.6789
to the nearest hundredth
p = 114.68

The price in the last year is about $114.68