Question

The percent markup on the cost price of a dress is the same as the cost price in dollars. If the dress is sold for $24, what was the cost price of the dress ?

Answer 1

Markup is the difference between a product's selling price and cost as a percentage of the cost.

If we call the cost of the dress as x, the markup is given by the following expression

`markup=(24-x)/(x)*100`

The percent markup on the cost price of a dress is the same as the cost price in dollars, therefore, we can rewrite the previous expression as:

`x=((24-x)\cdot100)/(x)`

Solving for x, we have:

`\begin{gathered} x=((24-x)\cdot100)/(x) \\ x^2=2400-100x \\ x^2+100x-2400=0 \\ \implies x=-120\:or\:x=20 \end{gathered}`

Since we can't have a negative cost price, the markup is 20% and the cost price of the dress is $20.