Question

The markup on a video game is 15% of the sale price. If the video game sells for $58.82, what was the cost (in $)? (Round your answer to the nearest cent.)

Answer 1

To find the cost of the video game, divide the sale price by 1 plus the markup percentage. The cost of the video game is $51.16.

Step-by-step explanation:

To find the cost, we need to divide the sale price by (1 + the markup percentage), because the sale price is equal to the cost plus the markup.

Let's call the cost C. The markup on C is 15% of C, which can be written as 0.15C. So the sale price is C + 0.15C = 1.15C.

Given that the sale price is $58.82, we can set up the following equation:

1.15C = $58.82

Solving for C, we divide both sides by 1.15:

C = $58.82 / 1.15 = $51.16

Therefore, the cost of the video game is $51.16.

Answer 2

$51. 15

Step-by-step explanation:

The selling price is $58.82

The mark-up is 15% of the selling price.

The cost price is ???

The $58.82 is 115% of the cost price.

the cost price is 100%

cost price

= 58.82/115 x 100

= $0.5114 X 100

=$51. 15