Question

The local furniture store pays $130 for a dining room table and sells it with a 30% markup. What is the selling price of the dining room table?

Answer 1

Let the cost of the dining table is 100%

∵ It sells with a 30% markup

→ That means the selling price of the table will be 100% + 30%

∴ The selling price of the table = 130% of the cost price

∵ The cost price of the table = $130

∴ The selling price of the table = 130% x 130

→ Change the percentage to a decimal by divide it by 100

`\because(130)/(100)=1.30`

∴ The selling price of the table = 1.30 x 130 = 169

∴ The selling price of the dining table is $169