Question

A music store buys instruments and then sells them for 30% more than they paid.

If the price tag on a trumpet says 104, how much did the store pay for it?

Answer 1

To find the purchase price of a trumpet that's sold at 30% markup with a price tag of $104, divide the selling price by 1.3. The music store paid $80 for the trumpet.

Step-by-step explanation:

If a music store sells instruments for 30% more than what they paid, and the price tag on a trumpet says $104, we need to find out the store's purchase price for the trumpet. To do this, let's consider the selling price, which is 130% of the purchase price. To find the purchase price (100%), we divide the selling price by 130% and then multiply by 100%.

Here's the step-by-step calculation:

1. Convert the percentage increase to a decimal by dividing 30 by 100, which gives us 0.3.
2. Add 1 to the percentage increase decimal 0.3 to account for the total selling price in decimal form, which is 1.3 (100% + 30% = 130%).
3. Divide the selling price of the trumpet ($104) by 1.3 to find the original purchase price.
4. The purchase price is thus $104 ÷ 1.3 = $80.

Therefore, the music store paid $80 for the trumpet.