Question

A bike store sells scooters at a 54% markup if the store sells each scooter for $69.30 then what is their non-markup price. Is there a standard equation?

Answer 1

Markup percentage is 54%

Selling price of the scooter is $69.30

Let the cost price/non-markup price be x

The formula for markup percentage is

`Markup\text{ \%}=\frac{selling\text{ price - cost price}}{\cos t\text{ price}}*100\text{\%}`

Substitute the values into the formula above

`\begin{gathered} 54=(69.30-x)/(x)*100 \\ \text{Crossmultiply} \\ 54x=100(69.30-x) \\ 54x=6930-100x \\ \text{Collect like terms} \\ 54x+100x=6930 \\ 154x=6930 \\ \text{Divide both sides by 154} \\ (154x)/(154)=(6930)/(154) \\ x=\text{ \$45} \end{gathered}`

Hence, their non-markup/cost price is $45